Nifty is expected to open on a gap down note and likely to witness range bound - Nirmal Bang Ltd
MARKET REVIEW
• Equity benchmarks closed with modest gains on Thursday, rising for the third straight session.
• The Nifty ended above the 25,400 level, supported by strength in metal and private banking stocks.
• The S&P BSE Sensex jumped 221.69 points or 0.27% to 82,566.37. The Nifty 50 index added 76.15 points or 0.30% to 25,418.90.
NIFTY FUT CHART
BANK NIFTY FUT CHART
NIFTY FUT TECHNICAL OUTLOOK
• Nifty is expected to open on a gap down note and likely to witness range bound move during the day.
• On technical grounds, Nifty has an immediate support at 25340. If Nifty closes below that, further downside can be expected towards 25270-25200 mark.
• On the flip side 25600-25670 will act as strong resistance levels.
BANK NIFTY FUT TECHNICAL OUTLOOK
• Bank Nifty is expected to open on a gap down note and likely to witness range bound move during the day.
• Bank Nifty’s next immediate support is around 59900 levels on the downside and on a decisive close below expect a fall to 59770-59500.
• There is an immediate resistance at 60400-60600 levels.
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