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 staged a comeback on Friday, ending a four-day losing streak. Banks and financial stocks were the bright spot, while media and healthcare took a hit. Rising US bond yields continued to be a headwind, leading to more foreign investor selling in Indian shares. The S&P BSE Sensex jumped 599.34 points or 0.83% to 73,088.33. The Nifty 50 index gained 151.15 points or 0.69% to 22,147.
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 22240. If nifty closes above that, further upside can be expected towards 22330-22400 mark. On the flip side 22000-21900 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 22240 and on a decisive close above expect a rise to 22330-22400 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 48000 levels on the upside and on a decisive close above expect a rise to 48370-48600 There is an immediate support at 47400-47150 levels.
Technical Call Updates
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