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Market Review:

Indian market benchmarks closed with modest gains yesterday, aided by strong Q1 earnings from Larsen & Toubro (L&T). The Nifty ended above the 24,850 level, supported by buying in IT, FMCG, and consumer durables stocks. The S&P BSE Sensex advanced 143.91 points or 0.18% to 81,481.86. The Nifty 50 index added 33.95 points or 0.14% to 24,855.05.

Nifty Technical Outlook

Nifty is expected to open on a gap down note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24570. If Nifty closes below that, further downside can be expected towards 24500-24440 mark. On the flip side 24940-25000 will act as strong resistance levels.

Action: Nifty has an immediate Support at 24570 and on a decisive close below expect a fall to 24500-24440 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 55940 levels on the downside and on a decisive close below expect a fall to 55700-55470. There is an immediate resistance at 56470-56700 levels.

Technical Call Updates

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