Nifty has an immediate Support at 24800 and on a decisive close below expect a fall to 24740-24670 levels - Nirmal Bang Ltd
Market Review:
Indian market benchmarks surged on Monday, marking their third consecutive day of gains, as optimism over potential GST reforms and easing concerns on Russian oil supplies lifted investor sentiment. The Nifty closed above the 24,850 mark, supported by strong buying in autos, banks and consumer durables. The S&P BSE Sensex jumped 676.09 points or 0.84% to 81,273.75. The Nifty 50 index surged 245.65 points or 1% to 24,876.95. The 50-unit index is up 1.59% in three days.
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 24800. If Nifty closes below that, further downside can be expected towards 24740-24670 mark. On the flip side 24970-25070 will act as strong resistance levels.
Action: Nifty has an immediate Support at 24800 and on a decisive close below expect a fall to 24740-24670 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 55640 levels on the downside and on a decisive close below expect a fall to 55400-55240. There is an immediate resistance at 56170-56450 levels.
Technical Call Updates
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Market is expected to open on a flattish note and likely to witness range bound move during ...
