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 slightly higher on Tuesday, led by gains in IT stocks.The broader market witnessed sharp corrections, with PSU banks, media and metal stocks declining. Bucking the trend, IT and private bank shares advanced.The S&P BSE Sensex gained 165.32 points or 0.22% to 73,667.96. The Nifty 50 index added 3.05 points or 0.01% to 22,335.70.
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 22440. If nifty closes above that, further upside can be expected towards 22550-22600 mark. On the flip side 22240-22170 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 22440 and on a decisive close above expect a rise to 22550-22600 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 47800 levels on the upside and on a decisive close above expect a rise to 48140-48500 There is an immediate support at 47240-47000 levels.
Technical Call Update
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