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 closed strong on Thursday, the last day of the fiscal year, with both the benchmark indices recording solid gains. The rally was driven by banking and IT stocks, despite some volatility due to monthly derivatives expiry. The S&P BSE Sensex jumped 655.04 points or 0.90% to 73,651.35. The Nifty 50 index gained 203.25 points or 0.92% to 22,326.90.
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 22340. If nifty closes above that, further upside can be expected towards 22400-22470 mark. On the flip side 22240-22150 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 22340 and on a decisive close above expect a rise to 22400-22470 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 47780 levels on the upside and on a decisive close above expect a rise to 48000-48300 There is an immediate support at 47300-47040 levels.
Technical Call Updates
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