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Market Review:

Indian markets tanked yesterday, dragged lower by banks and financials. While defensive sectors like consumer goods and healthcare showed resilience, overall market sentiment remains fragile ahead of crucial U.S. inflation data. The S&P BSE Sensex dropped 692.89 points or 0.87% to 78,956.03. The Nifty 50 index slipped 208 points or 0.85% to 24,139.

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 24200. If nifty closes above that, further upside can be expected towards 24270-24350 mark. On the flip side 24060-23970 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 24200 and on a decisive close above expect a rise to 24270-24350 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 50340 levels on the upside and on a decisive close above expect a rise to 50770-51000 There is an immediate support at 49770-49540 levels

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