Nifty has an immediate resistance placed at 19500 and on a decisive close above expect a rise to 19560-19600 levels - Nirmal Bang
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Market Review:
Indian markets navigated a volatile trading session on Wednesday, culminating in modest gains. While realty and pharma sectors exhibited strong performance, IT and banks faced relative weakness. The S&P BSE Sensex rose 33.21 points or 0.05% to 64,975.61. The Nifty 50 index added 36.80 points or 0.19% to 19,443.50.
Nifty Technical Outlook
Nifty is expected to open positive note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 19500. If nifty closes above that, further upside can be expected towards 19560-19600 mark. On the flip side 19400-19340 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.
Action: Nifty has an immediate resistance placed at 19500 and on a decisive close above expect a rise to 19560-19600 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 43970 levels on the upside and on a decisive close above expect a rise to 44100-44240. There is an immediate support at 43730-43620 levels.
Technical Call Updates
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FIIs Net Sellers : 2502.58 Cr in Cash, 1885.89 Cr in Index Futures - Nirmal Bang Ltd
