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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Nifty
Market Review:
Indian markets closed slightly higher today, driven by consumer durables and PSU banks. Media and IT stocks, however, declined.The S&P BSE Sensex rose 147.89 points or 0.18% to 81,053.19. The Nifty 50 index added 41.30 points or 0.17% to 24,811.50.
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 support at 24740. Any move below the same may extend the fall toward 24670-24600 mark. On the flip side 24900-25000 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.
Action: Nifty has an immediate support placed at 24740 and on a decisive close below expect a fall to 24670-24600 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 50870 levels on the downside and on a decisive close below expect a fall to 50540-50300. There is an immediate resistance at 51270-51500 levels.
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