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Market Review:

Indian markets plunged on Thursday as the Reserve Bank of India (RBI) maintained its status quo on interest rates for the ninth consecutive time due to persistent food inflation. The IT, metals, and energy sectors were particularly hard hit.The S&P BSE Sensex, was down 581.79 points or 0.73% to 78,886.22. The Nifty 50 index slipped 180.50 points or 0.74% to 24,117.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 24340. If nifty closes above that, further upside can be expected towards 24430-24500 mark. On the flip side 24100-23960 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 24340 and on a decisive close above expect a rise to 24430-24500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 50500 levels on the upside and on a decisive close above expect a rise to 50800-51140 There is an immediate support at 49940-49670 levels.

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