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Market Review:

Indian markets roared back to life yesterday, snapping a three-day losing streak. Oil & gas and metals led the charge. Global markets cheered the Bank of Japan's pledge to maintain stable rates. The S&P BSE Sensex jumped 874.94 points or 1.11% to 79,468.01. The Nifty 50 index surged 304.95 points or 1.27% to 24,297.50.

Nifty Technical Outlook

Nifty is expected to open gap down note and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 24130. If nifty closes below that, further downside can be expected towards 24040-23940 mark. On the flip side 24370-24440 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 24130 and on a decisive close below expect a fall to 24040-23940 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 50000 levels on the downside and on a decisive close below expect a fall to 49770-49500. There is an immediate resistance at 50500-50740 levels.

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