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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Nifty
Market Review:
Indian markets ended with minor gains on Thursday. Banks and financial stocks were in demand. On the other hand, pharma, healthcare and IT stocks declined. The S&P BSE Sensex added 144.31 points or 0.18% to 81,611.41. The Nifty 50 index rose 16.50 points or 0.07% to 24,998.45.
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 24930. Any move below the same may extend the fall toward 24860-24800 mark. On the flip side 25050-25150 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 24930 and on a decisive close below expect a fall to 24860-24800 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 51500 levels on the downside and on a decisive close below expect a fall to 51240-51000. There is an immediate resistance at 52000-52270 levels.
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