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Market Review:

Domestic equity benchmarks ended with decent gains yesterday, extending their rally for a second straight session. The Nifty closed above the 26,150 mark, led by financial services, energy and auto stocks. The S&P BSE Sensex climbed 446.21 points, or 0.52%, to 85,632.68, while the Nifty 50 rose 139.50 points, or 0.54%, to 26,192.15.

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 support at 26090. If Nifty closes below that, further downside can be expected towards 25980-25900 mark. On the flip side 26270-26350 will act as strong resistance levels. Nifty surpassed the double-top resistance of 26,100 but also inched closer to the record high zone, given the strengthening momentum.

Action: Nifty has an immediate Support at 26090 and on a decisive close below expect a fall to 25980-25900 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 59240 levels on the downside and on a decisive close below expect a fall to 59100-58980. There is an immediate resistance at 59500-59620 levels.

Technical Call Updates

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