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Market Review:

Indian markets indices extended gains for a second day, with the Nifty50 closing above 24550. Barring the Nifty IT index, all the sectoral indices on the NSE ended higher. PSU banks and oil & gas shares rallied. The S&P BSE Sensex gained 145.52 points or 0.18% to 80,664.86. The Nifty 50 index added 84.55 points or 0.35% to 24,586.70.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 24640. If nifty closes above that, further upside can be expected towards 24700-24770 mark. On the flip side 24520-24440 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 24640 and on a decisive close above expect a rise to 24700-24770 level

Bank Nifty

Bank Nifty faces an immediate resistance around 52800 levels on the upside and on a decisive close above expect a rise to 53000-53240 There is an immediate support at 52340-52000 levels.

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