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 closed nearly flat on Tuesday after a volatile session. IT and energy stocks also rose. However, PSU banks and FMCG shares declined. The S&P BSE Sensex shed 14.57 points or 0.02% to 84,914.04. The Nifty 50 index rose 1.35 points or 0.01% to 25,940.40.
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 25870. Any move below the same may extend the fall toward 25800-25730 mark. On the flip side 26000-26070 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 25870 and on a decisive close below expect a fall to 25800-25730 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 53840 levels on the downside and on a decisive close below expect a fall to 53670-53400. There is an immediate resistance at 54300-54540 levels.
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Index is likely to open on a flat note today and is likely to remain positive during the day...
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Pre-market comment by Deven Mehata, Choice Broking Ltd
