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. Several sectors, including media, metals, and realty, witnessed strong buying interest. Conversely, FMCG, IT, and pharma stocks faced selling pressure. The S&P BSE Sensex rose 97.84 points or 0.12% to 82,988.78, its record closing high. The Nifty 50 index added 27.25 points or 0.11% to 25,383.75.
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 25300-25230 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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