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 edged higher, with the Sensex and Nifty gaining around 0.7% each. All eyes are now on the upcoming Q4 earnings season. Investors favored auto, oil & gas, and realty stocks. The Sensex and Nifty both reached new all-time highs. The S&P BSE Sensex gained 350.81 points or 0.67% to 74,742.5. The Nifty 50 index added 152.6 points or 0.68% to 22,666.3.
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 22740. If nifty closes above that, further upside can be expected towards 22800-22870 mark. On the flip side 22600-22540 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 22740 and on a decisive close above expect a rise to 22800-22870 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 48740 levels on the upside and on a decisive close above expect a rise to 48980-49200 There is an immediate support at 48550-48270 levels.
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