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Market Review:

Indian markets surged on Friday driven by a strong showing from IT stocks. Positive sentiment was fueled by TCS's robust earnings and easing US in. September rate cut. The barometer index, the S&P BSE Sensex, was up 622 points or 0.78% to 80,519.34. The Nifty 50 index gained 186.20 points or 0.77% to 24,502.15.

 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 24620. If nifty closes above that, further upside can be expected towards 24740-24850 mark. On the flip side 24370-24300 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 24620 and on a decisive close above expect a rise to 24740-24850 levels. 

Bank Nifty  

Bank Nifty faces an immediate resistance around 52750 levels on the upside and on a decisive close above expect a rise to 53000-53240 There is an immediate support at 52000-51670 levels. 

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