Nifty is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review:
Domestic equity benchmarks slipped yesterday, ending a six-session rally. The Nifty closed below 25,950, weighed down by IT and metal stocks. The S&P BSE Sensex declined 277.93 points or 0.33% to 84,673.02. The Nifty 50 index lost 103.40 points or 0.40% to 25,910.05. n the past six consecutive sessions, the Sensex rose 2.08% while the Nifty added 2.04%.
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 26000. If Nifty closes above that, further upside can be expected towards 26090-26150 mark. On the flip side 25840-25780 will act as strong support levels. RSI currently trades at a comfortable level of 60, we can anticipate for a turnaround after a short consolidation or dip in the coming sessions. The index would have the important support at the 25,700 level.
Action: Nifty has an immediate Resistance at 26000 and on a decisive close above expect a rise to 26090-26150 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 59100 levels on the upside and on a decisive close above expect a rise to 59230-59340. There is an immediate support at 58870-58770 levels.
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