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Market Review:

Indian markets ended almost flat yesterday as investors remained cautious ahead of todays Union Budget, opting to wait and see before making any major moves. While some sectors like auto and healthcare saw a rise, others like oil & gas and realty declined.The S&P BSE Sensex, was down 102.57 points or 0.13% to 80,502.08. The Nifty 50 index shed 21.65 points or 0.09% to 24,509.25.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness volatile move during the day. On technical grounds, Nifty has an immediate resistance at 24600. If nifty closes above that, further upside can be expected towards 24740-24900 mark. On the flip side 24370-24240 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 24600 and on a decisive close above expect a rise to 24740-24900 levels

Bank Nifty

Bank Nifty faces an immediate resistance around 52640 levels on the upside and on a decisive close above expect a rise to 53000-53270 There is an immediate support at 52000-51700 levels.

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