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 ended sharply higher on Monday as upbeat quarterly earnings and global cues lifted investor sentiment. The rally was broad-based, with energy, PSU banks and metal stocks leading the charge. The S&P BSE Sensex advanced 566.96 points or 0.67% to 84,788.84. The Nifty 50 index added 170.90 points or 0.66% to 25,966.05.
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 Resistance at 26040. If Nifty closes above that, further upside can be expected towards 26110-26220 mark. On the flip side 25860-25750 will act as strong support levels. A high volume surge alongside rising RSI is a positive sign for the market.
Action: Nifty has an immediate Resistance at 26040 and on a decisive close above expect a rise to 26110-26220 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 58390 levels on the upside and on a decisive close above expect a rise to 58600-58920. There is an immediate support at 57860-57530 levels.
Technical Call Updates
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