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Market Review:

Indian markets ended with strong gains on Monday, boosted by Federal Reserve Chair Powell's hint of potential interest rate cuts in the near future. The Nifty closed above the 25,000 level, with notable gains in metal, realty, and IT sectors. However, media and PSU bank stocks faced some selling pressure. The S&P BSE Sensex jumped 611.90 points or 0.75% to 81,698.11. The Nifty 50 index surged 187.45 points or 0.76% to 25,010.60.

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 24940. Any move below the same may extend the fall toward 24870-24800 mark. On the flip side 25100-25170 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 24940 and on a decisive close below expect a fall to 24870-24800 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51040 levels on the downside and on a decisive close below expect a fall to 50870-50600. There is an immediate resistance at 51400-51670 levels.

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