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 almost flat on Wednesday, a breather after a two-day slump. IT stocks led the charge, while metals took a beating post the Supreme Court's tax royalty verdict. The S&P BSE Sensex rose 149.85 points or 0.19% to 79,105.88. The Nifty 50 index added 4.75 points or 0.02% to 24,143.75.
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 24270. If nifty closes above that, further upside can be expected towards 24350-24440 mark. On the flip side 24040-23960 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 24270 and on a decisive close above expect a rise to 24350-24440 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 50200 levels on the upside and on a decisive close above expect a rise to 50470-50700 There is an immediate support at 49780-49540 levels.
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