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Market Review:

Indian markets ended with robust gains on Friday. All the sectoral indices on the NSE ended in green with PSU bank, media, and auto shares gaining the most. The S&P BSE Sensex, was up 819.69 points or 1.04% to 79,705.91. The Nifty 50 index gained 250.50 points or 1.04% to 24,367.50.

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 24300. Any move below the same may extend the fall toward 24240-24150 mark. On the flip side 24450-24540 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 24300 and on a decisive close below expect a fall to 24240-24150 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 50370 levels on the downside and on a decisive close below expect a fall to 50000-49770. There is an immediate resistance at 50750-51000 levels.

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