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Market Review:

Indian Market benchmark indices closed slightly higher yesteday, supported by strong corporate earnings and robust auto sales. PSU banks and pharma stocks were among the top gainers. On the other hand, IT stocks came under pressure. The S&P BSE Sensex, advanced 39.78 points or 0.05% to 83,978.49. The Nifty 50 index added 41.25 points or 0.16% to 25,763.25.

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 25670. If Nifty closes below that, further downside can be expected towards 25580-25500 mark. On the flip side 25830-25900 will act as strong resistance levels. The 20 SMA at the 25550 zone would be positioned as the near-term important support, which needs to be sustained.

Action: Nifty has an immediate Support at 25670 and on a decisive close below expect a fall to 25580-25500 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 58150 levels on the downside and on a decisive close below expect a fall to 57900-57740. There is an immediate resistance at 58580-58750 levels.

Technical Call Updates

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