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Market Review:

Indian markets closed lower on Friday, amid mixed global cues. The Nifty50 settled below 25,000 mark, weighed down by selling in banks and financial stocks. Pharma, healthcare, and metal shares outperformed. In the barometer index, the barometer index, the S&P BSE Sensex was down 230.05 points or 0.28% to 81,381.36. The Nifty 50 index lost 34.20 points or 0.14% to 24,964.25.

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 25070. If nifty closes above that, further upside can be expected towards 25200-25300 mark. On the flip side 24900-24800 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 25070 and on a decisive close above expect a rise to 25200-25300 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 51740 levels on the upside and on a decisive close above expect a rise to 52000-52500 There is an immediate support at 51000-50700 levels.

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