Nifty has an immediate resistance placed at 22100 and on a decisive close above expect a rise to 22170-22240 levels - Nirmal Bang Ltd
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Market Review:
Indian market ended with decent gains on Friday, rising for the fourth day in a row. Auto, IT and pharma shares were in demand, while oil & gas, PSU banks declined. The S&P BSE Sensex advanced 376.26 points or 0.52% to 72,426.64. The Nifty 50 index added 129.95 points or 0.59% to 22,040.70.
Nifty Technical Outlook
Nifty is expected to open on a positive note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 22100. If nifty closes above that, further upside can be expected towards 22170-22240 mark. On the flip side 21980-21900 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 22100 and on a decisive close above expect a rise to 22170-22240 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 46700 levels on the upside and on a decisive close above expect a rise to 47000-47400 There is an immediate support at 46170-45870 levels.
Technical Call Updates
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