Nifty is expected to open on a flattish note and likely to witness positive move during the day - Nirmal Bang Ltd
Market Review:
Indian market benchmarks closed near flat line on Tuesday. After a slightly lower opening due to global cues, indices traded rangebound, supported by auto, FMCG, and consumer durables. Late-session selling in metal, PSU banks, oil & gas, realty, and IT stocks erased the intraday gains. The S&P BSE Sensex advanced 147.71 points or 0.20% to 74,602.12. The Nifty 50 index fell 5.80 points or 0.03% to 22,547.55.
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 22600. If nifty closes above that, further upside can be expected towards 22670-22740 mark. On the flip side 22470-22400 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 22600 and on a decisive close above expect a rise to 22670-22740 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 49000 levels on the upside and on a decisive close above expect a rise to 49240- 49500.There is an immediate support at 48470-48200 levels.
Technical Call Updates
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