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Market Review:

Indian markets surged on Friday, driven by optimism over a potential soft landing in the US. IT, realty, and auto sectors led the broad-based rally. The S&P BSE Sensex surged 1,330.96 points or 1.68% to 80,436.84. The Nifty 50 index soared 397.40 points or 1.65% to 24,541.15.

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 24640. If nifty closes above that, further upside can be expected towards 24730-24800 mark. On the flip side 24470-24400 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 24640 and on a decisive close above expect a rise to 24730-24800 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 51000 levels on the upside and on a decisive close above expect a rise to 51440-51700 There is an immediate support at 50370-50000 levels.

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