Nifty is expected to open gap up and likely to witness positive move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets ended with minor losses on Friday. FMCG and oil & gas sectors faced selling pressure, while realty, media, and PSU bank stocks gained ground. The S&P BSE Sensex declined 71.77 points or 0.09% to 82,890.94. The Nifty 50 index shed 32.40 points or 0.13% to 25,356.50.
Nifty Technical Outlook
Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 25440. If nifty closes above that, further upside can be expected towards 25570-25700 mark. On the flip side 25300-25240 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.
Action: Nifty has an immediate resistance placed at 25440 and on a decisive close above expect a rise to 25570-25700 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 52180 levels on the upside and on a decisive close above expect a rise to 52500-52770 There is an immediate support at 51700-51500 levels.
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