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 bounced back sharply on Tuesday, ending a six-day losing streak. The Nifty50 surged past the 25,000 mark, with media, auto, and pharma stocks leading the rally. However, metal stocks struggled, weighed down by China's roadmap lacking significant stimulus measures, alongside falling iron ore prices pressuring steelmakers. The S&P BSE Sensex rose 584.81 points or 0.72% to 81,634.81. The Nifty 50 index added 217.40 points or 0.88% to 25,013.15.
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 25045. i.e 50 DMA . If nifty manage to sustain above the 50 DMA, further upside can be expected towards 25150- 25240 mark. On the flip side 24940-24870 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 25045 and on a decisive close above expect a rise to 25150-25240 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 51640 levels on the upside and on a decisive close above expect a rise to 51870-52140 There is an immediate support at 51070-50740 levels.
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