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Market Review:

Indian markets ended with tiny gains on Tuesday, with investors cautiously awaiting interest rate decisions from the US Fed and Bank of Japan on Wednesday. Auto and consumer durables stocks fared well, while FMCG, pharma, and IT stocks faced selling pressure. The S&P BSE Sensex rose 99.56 points or 0.12% to 81,455.40. The Nifty 50 index rose 21.20 points or 0.09% to 24,857.30.

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 25000. If nifty closes above that, further upside can be expected towards 25080-25200 mark. On the flip side 24770-24700 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 25000 and on a decisive close above expect a rise to 25080-25200 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 51800 levels on the upside and on a decisive close above expect a rise to 52140-52400 There is an immediate support at 51240-51000 levels

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