Nifty is expected to open on a gap down note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets indices surged to significant gains on Wednesday, marking the second consecutive day of upward momentum.Closing above the 24,450 mark, the Nifty index demonstrated robust performance, largely propelled by a rally in IT stocks.The S&P BSE Sensex surged 901.50 points or 1.13% to 80,378.13.The Nifty 50 index jumped 270.75 points or 1.12% to 24,484.05
Nifty 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 24370. If nifty closes below that, further downside can be expected towards 24300-24240 mark. On the flip side 24540-24600 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 24370 and on a decisive close below expect a fall to 24300-24240 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 52470 levels on the downside and on a decisive close below expect a fall to 52240-52000 There is an immediate resistance at 52840-53000 level.
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