Nifty is expected to open on a flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets ended with with modest gains on Tuesday. Sectors such as realty, consumer durables, and auto witnessed a rise, while media, PSU banks, and metal shares faced pressure. The S&P BSE Sensex, was up 90.88 points or 0.11% to 83,079.66. The Nifty 50 index rose 34.80 points or 0.14% to 25,418.55. Both the indices attained record closing high levels
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 25500. If nifty closes above that, further upside can be expected towards 25600-25680 mark. On the flip side 25340-25270 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 25500 and on a decisive close above expect a rise to 25600-25680 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 52500 levels on the upside and on a decisive close above expect a rise to 52770-53000 There is an immediate support at 52000-51740 levels.
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