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Market Review:

Indian benchmark ended higher on Wednesday, snapping an eight-day losing streak. The Nifty closed above the 24,800 mark, led by gains in private banks and financial services stocks. The S&P BSE Sensex jumped 715.69 points or 0.89% to 80,983.31. The Nifty 50 index gained 225.20 points or 0.92% to 24,836.30. In the past eight trading sessions, the Sensex plummeted 3.31% and the Nifty tumbled 3.20%.

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 24770. If Nifty closes below that, further downside can be expected towards 24700-24640 mark. On the flip side 24900-24970 will act as strong resistance levels.

Action: Nifty has an immediate Support at 24770 and on a decisive close below expect a fall to 24700-24640 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 55400 levels on the downside and on a decisive close below expect a fall to 55170-54900. There is an immediate resistance at 55900-56140 levels.

Technical Call Updates

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