Nifty is expected to open on a gap up and likely to witness sideways move during the day - Nirmal Bang Ltd
Market Review:
Indian market benchmarks ended the day with strong gains, fueled by broad-based buying across sectors. All sectoral indices ended in the green, with metal, consumer durables, and oil & gas stocks leading the charge. The S&P BSE Sensex soared 1,310.11 points or 1.77% to 75,157.26. The Nifty 50 index climbed 429.40 points or 1.92% to 22,828.55.
Nifty Technical Outlook
Nifty is expected to open on a gap up and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate Resistance at 23,170. If Nifty closes below that, further upside can be expected towards 23,240-23,300 mark. On the flip side 22,700-22,600 will act as strong support levels.
Action: Nifty has an immediate Resistance placed at 23,170 and on a decisive close above expect a rise to 23,240-23,300 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 51,440 levels on the upside and on a decisive close above expect a rise to 51,700-52,000 There is an immediate support at 50,840-50,570 levels.
Technical Call Updates
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