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Market Review:

Indian markets saw minor cuts yesterday as the Budget for 2024-25 was unveiled. FMCG and consumer durables shares rallies, while realty and PSU banks tumbled. The S&P BSE Sensex fell 73.04 points or 0.09% to 80,429.04. The Nifty 50 index shed 30.20 points or 0.12% to 24,479.05.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24400. Any move below the same may extend the fall toward 24330-24240 mark. On the flip side 24550-24640 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 24400 and on a decisive close below expect a fall to 24330-24240 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51550 levels on the downside and on a decisive close below expect a fall to 51270-51000. There is an immediate resistance at 52150-52500 levels.

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