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 extended their winning streak for a fifth day, shrugging off mixed global cues. The Nifty surged above 22,570, led by PSU banks, healthcare, and auto stocks. The S&P BSE Sensex jumped 486.50 points or 0.66% to 74,339.44. The Nifty 50 index gained 167.95 points or 0.75% to 22,570.35.
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 22640.Momentum indicator RSI is showing upward cutting in daily chart. If nifty closes above that, further upside can be expected towards 22700-22770 mark. On the flip side 22500- 22440 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 22640 and on a decisive close above expect a rise to 22700-22770 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 48900 levels on the upside and on a decisive close above expect a rise to 49200-49500 There is an immediate support at 48200-47740 levels.
Technical Call Updates
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