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Market Review:

Indian markets slipped for a fifth straight day, mirroring a global tech sell-off. The Nifty ended flattish after an early slump, with oil & gas and auto sectors shining while metals and banks lagged.The S&P BSE Sensex, was down 109.98 points or 0.14% to 80,039.80. The Nifty 50 index shed 7.40 points or 0.03% to 24,406.10.

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 24470. If nifty closes above that, further upside can be expected towards 24540-24650 mark. On the flip side 24330-24240 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 24470 and on a decisive close above expect a rise to 24540-24650 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 51270 levels on the upside and on a decisive close above expect a rise to 51500-51740 There is an immediate support at 50740-50500 levels.

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