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Nifty

Market Review: Indian markets benchmarks gave back some early gains today, ending with small losses after a four-day winning streak. Profit taking in private and financial stocks weighed on the market, while oil & gas, healthcare and PSU banks bucked the trend.The S&P BSE Sensex, was down 210.45 points or 0.27% to 79,032.73. The Nifty 50 index shed 39.90 points or 0.14% to 24,010.60.

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 23940. Any move below the same may extend the fall toward 23870-23800 mark. On the flip side 24100-24170 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 23940 and on a decisive close below expect a fall to 23870-23800 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 52300 levels on the downside and on a decisive close below expect a fall to 52000-51740. There is an immediate resistance at 52900-53270 levels.

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