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 markets indices concluded Tuesday's volatile trading session on a flat note. While the realty and IT sectors witnessed buying interest, media and energy stocks experienced downward pressure. The S&P BSE Sensex rose 1.59 points to 81,510.05. The Nifty 50 index lost 8.95 points or 0.04% to 24,610.05.
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 24540. If nifty closes below that, further downside can be expected towards 24470-24400 mark. On the flip side 24670-24740 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 24540 and on a decisive close below expect a fall to 24470-24400 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 53370 levels on the downside and on a decisive close below expect a fall to 53000-52740 There is an immediate resistance at 54000-54340 level.
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