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Market Review:

Indian market benchmarks advanced on Wednesday, tracking positive global cues and buoyed by upbeat domestic inflation data. The Nifty closed above the 24,600 mark, with gains led by healthcare and metal stocks. The S&P BSE Sensex advanced 304.32 points or 0.38% to 80,539.91. The Nifty 50 index jumped 131.95 points or 0.54% to 24,619.35.

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 support at 24540. If Nifty closes below that, further downside can be expected towards 24470-24400 mark. On the flip side 24670-24740 will act as strong resistance levels.

Action: Nifty has an immediate Support at 24540 and on a decisive close below expect a fall to 24470-24400 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 55170 levels on the downside and on a decisive close below expect a fall to 54940-54700. There is an immediate resistance at 55670-55900 levels.

Technical Call Updates

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