Nifty has an immediate Support at 25100 and on a decisive close below expect a fall to 25000-24940 levels - Nirmal Bang Ltd
Market Review:
Indian market benchmarks ended a four-day losing streak with modest gains on Tuesday, as easing CPI inflation lifted investor sentiment. After a quiet start, the market gathered pace through the day, with the Nifty closing well above 25,150, led by strength in auto, healthcare, and pharma stocks. The S&P BSE Sensex jumped 317.45 points or 0.39% to 82,570.91. The Nifty 50 index added 113.50 points or 0.45% to 25,195.80.
Nifty Technical Outlook
Nifty is expected to open on a gap down note and likely to witness a sideways move during the day. On technical grounds, Nifty has an immediate support at 25100. If Nifty closes below that, further downside can be expected towards 25000-24940 mark. On the flip side 25270-25340 will act as strong resistance levels.
Action: Nifty has an immediate Support at 25100 and on a decisive close below expect a fall to 25000-24940 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 57000 levels on the downside and on a decisive close below expect a fall to 56740-56500. There is an immediate resistance at 57540-57770 levels.
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