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Nifty

Market Review:

Indian markets rose for fifth straight session yesterday, with the Nifty50 breaching the 25,000 mark, driven by optimism over a potential Fed rate cut and a recovering US economy. While energy stocks led the charge, gains were tempered by rising crude prices due to Middle East tensions and profit-booking in sectors like realty and autos.The S&P BSE Sensex, was up 126.21 points or 0.15% to 81,867.55. The Nifty 50 index rose 59.75 points or 0.24% to 25,010.90.

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 24770. If nifty closes below that, further downside can be expected towards 24670-24600 mark. On the flip side 25000-25140 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 24770 and on a decisive close below expect a fall to 24670-24600 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51300 levels on the downside and on a decisive close below expect a fall to 51100-50900. There is an immediate resistance at 52000-52300 levels.

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