IGI Logo

Market Review:

Indian markets concluded Tuesday's trading session with modest gains, extending their positive streak to the second consecutive day. While banking and financial stocks were the primary drivers of the market's uptick, sectors like auto, pharma, and IT faced selling pressure. The S&P BSE Sensex, was up 363.99 points or 0.45% to 80,369.03. The Nifty 50 index added 127.70 points or 0.52% to 24,466.85.

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 support at 24400. If nifty closes below that, further downside can be expected towards 24330-24250 mark. On the flip side 24540-24650 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 24400 and on a decisive close below expect a fall to 24330-24250 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 52000 levels on the downside and on a decisive close below expect a fall to 51740-51500 There is an immediate resistance at 52540-52770 level.

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766