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Market Review:

Indian market benchmarks posted moderate gains on Wednesday. IT and metal stocks were the early stars, driving gains, while a slide in private banking names briefly dragged the index into negative territory. Energy stocks later stepped up, lending crucial support and helping the Nifty close above 24,660. The S&P BSE Sensex advanced 182.34 points or 0.22% to 81,330.56. The Nifty 50 index added 88.55 points or 0.36% to 24,666.90.

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 24740. If Nifty closes below that, further upside can be expected towards 24800-24870 mark. On the flip side 24600-24540 will act as strong support levels.

Action: Nifty has an immediate Resistance placed at 24740 and on a decisive close above expect a rise to 24800-24870 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 55140 levels on the upside and on a decisive close above expect a rise to 55470-55700 There is an immediate support at 54640-54400 levels.

Technical Call Updates

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