Nifty has an immediate Support at 25790 and on a decisive close below expect a fall to 25700-25640 levels - Nirmal Bang Ltd
Market Review:
Indian Market benchmarks surged on Wednesday, extending their winning streak for the third consecutive session. The Nifty 50 closed above the 25,850 mark, driven by strong buying in IT, auto, and pharma stocks. The S&P BSE Sensex zoomed 595.19 points or 0.71% to 84,466.51. The Nifty 50 index rose 180.85 points or 0.70% to 25,875.80.
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 25790. If Nifty closes below that, further downside can be expected towards 25700-25640 mark. On the flip side 25950-26020 will act as strong resistance levels. Traders are advised to buy on momentum, keeping stops tight and remaining alert to a breakout above 26000 physiological level from the current price.
Action: Nifty has an immediate Support at 25790 and on a decisive close below expect a fall to 25700-25640 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 58430 levels on the downside and on a decisive close below expect a fall to 58330-58200. There is an immediate resistance at 58660-58790 levels.
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