Nifty has an immediate resistance placed at 24400 and on a decisive close above expect a rise to 24470-24540 levels - Nirmal Bang Ltd
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Market Review:
Indian markets closed slightly lower on Wednesday after setting new record highs earlier in the day. Sectors like pharma, healthcare and FMCG saw buying interest, while autos and metals sold off.The S&P BSE Sensex, fell 426.87 points or 0.53% to 79,924.77. The Nifty 50 index declined 108.75 points or 0.45% to 24,324.45.
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 24400. If nifty closes above that, further upside can be expected towards 24470-24540 mark. On the flip side 24240-24140 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 24400 and on a decisive close above expect a rise to 24470-24540 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 52540 levels on the upside and on a decisive close above expect a rise to 52740-52900 There is an immediate support at 52140-51900 levels.
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