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 rebounded on Friday, snapping a three-day losing streak. Banks and metals led the gains, while IT and FMCG lagged. The S&P BSE Sensex rose 218.14 points or 0.27% to 81,224.75. The Nifty 50 index added 104.20 points or 0.42% to 24,854.05.
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 24770. If nifty closes below that, further downside can be expected towards 24700-24600 mark. On the flip side 24930-25000 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 24770 and on a decisive close below expect a fall to 24700-24600 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 51770-51500. There is an immediate resistance at 52500-52740 levels.
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