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Market Review

Indian market witnessed a roller coaster session as both the Sensex and the Nifty closed with modest gains but faced significant declines from their peaks values. The market's performance was influenced by several key factors, included the reduced fiscal deficit target of 5.1% for FY25 and the government's lower borrowing plan, which were presented on the budget day. The S&P BSE Sensex gained 440.33 points or 0.61% to 72,085.63. The Nifty 50 index added 156.35 points or 0.72% to 21,853.80.

Nifty Technical Outlook

Nifty is expected to open on flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 21,730. If nifty closes above that, further downside can be expected towards 21,600/21,500 mark. On the flip side 21,930/22,060 will act as strong resistance levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 21730 and on a decisive close below expect a fall to 21600/21500 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 45880 levels on the downside and on a decisive close below expect a fall to 45530/44900. There is an immediate resistance at 46500/46870 levels.

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