Nifty is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review:
Indian market Benchmark indices snapped a three-day losing streak and closed higher, with the Nifty reclaiming the 24,600 mark, supported by broad-based buying across sectors. The S&P BSE Sensex advanced 260.74 points or 0.32% to 80,998.25. The Nifty 50 index added 77.70 points or 0.32% to 24,620.20. In the previous three sessions, the Sensex and Nifty declined 1.1% and 1.17%, respectively.
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 24700. If Nifty closes above that, further upside can be expected towards 24770-24840 mark. On the flip side 24540-24470 will act as strong support levels.
Action: Nifty has an immediate Resistance placed at 24700 and on a decisive close above expect a rise to 24770-24840 levels
Bank Nifty
Bank Nifty’s next immediate resistance is around 56000 levels on the upside and on a decisive close above expect a rise to 56240-56500. There is an immediate support at 55440-55200 levels.
Technical Call Updates
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