Nifty is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets continued their upward trend on Thursday. Auto and metal shares were among the top performers, while consumer durables and healthcare shares faced some selling pressure. In the barometer index, the S&P BSE Sensex gained 666.25 points or 0.78% to 85,836.12. The Nifty 50 index advanced 211.90 points or 0.81% to 26,216.05
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 26300. If nifty closes above that, further upside can be expected towards 26400-26500 mark. On the flip side 26100-26000 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 26300 and on a decisive close above expect a rise to 26400-26500 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 54770 levels on the upside and on a decisive close above expect a rise to 55000-55240 There is an immediate support at 54300-53000 levels.
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