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Market Review:

Indian markets continued their winning streak, rising for the fourth consecutive day. Strength in IT and FMCG stocks helped the markets reach new highs. The S&P BSE Sensex surged 626.91 points or 0.78% to 81,343.46. The Nifty 50 index added 187.85 points or 0.76% to 24,800.85.

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 24870. If nifty closes above that, further upside can be expected towards 24940-25040 mark. On the flip side 24740-24640 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 24870 and on a decisive close above expect a rise to 24940-25040 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 52900 levels on the upside and on a decisive close above expect a rise to 53240-53500 There is an immediate support at 52370-52040 levels.

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