Nifty has an immediate resistance placed at 19870 and on a decisive close above expect a rise to 19940-20000 levels - Nirmal Bang Ltd
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Market Review:
Indian markets extended its winning streak for the second consecutive day on Wednesday. Auto and FMCG shares were in demand, while PSU banks and IT shares lagged. The S&P BSE Sensex jumped 393.69 points or 0.60% to 66,473.05. The Nifty 50 index added 121.50 points or 0.62% to 19,811.35.
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 19870. If nifty closes above that, further upside can be expected towards 19940-20000 mark. On the flip side 19770-19700 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 19870 and on a decisive close above expect a rise to 19940-20000 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 44810 levels on the upside and on a decisive close above expect a rise to 44940-45280. There is an immediate support at 44550-44420 levels.
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