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Market Review:

Indian markets settled higher yesterday, with the Nifty closing near 24,700. Banks and financials led the charge, while media and FMCG stocks lagged. The S&P BSE Sensex jumped 378.18 points or 0.47% to 80,802.86. The Nifty 50 index gained 126.20 points or 0.51% to 24,698.85.

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 24640. Any move below the same may extend the fall toward 24550-24470 mark. On the flip side 24770-24850 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 24640 and on a decisive close below expect a fall to 24550-24470 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 50570 levels on the downside and on a decisive close below expect a fall to 50240-50000. There is an immediate resistance at 51150-51400 levels.

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