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Market Review:

Indian markets failed to maintain their upward momentum on Tuesday, despite an intraday surge, and ultimately closed near the flatline. Among the sectoral gainers, media, financial services, and pharmaceutical stocks led the way. Conversely, FMCG and consumer durables shares faced downward pressure. The S&P BSE Sensex rose 13.65 points or 0.02% to 81,711.76. The Nifty 50 index added 7.15 points or 0.03% to 25,017.75.

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 25070. If nifty closes above that, further upside can be expected towards 25150-24200 mark. On the flip side 24940-24870 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action:

Nifty has an immediate resistance placed at 25070 and on a decisive close above expect a rise to 25150-25200 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 51450 levels on the upside and on a decisive close above expect a rise to 51670-51800 There is an immediate support at 51000-50740 levels.

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