Nifty is expected to open on a gap up note and likely to witness positive move during the day - Nirmal Bang Ltd
Market Review:
Indian Markets benchmark ended lower on Friday, snapping a six-day winning streak, as broad-based selling weighed on sentiment. As the day progressed, profit booking intensified, dragging the Nifty to an intraday low of 25,718.20. Except for metal and telecom stocks, all major sectors were under pressure. The S&P BSE Sensex fell 344.52 points or 0.41% to 84,211.88. The Nifty 50 index lost 96.25 points or 0.37% to 25,795.15
Nifty Technical Outlook
Nifty is expected to open on a gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 26040. If Nifty closes above that, further upside can be expected towards 26150-26240 mark. On the flip side 25690-25590 will act as strong support levels. Momentum indicators (RSI, MACD) signal a healthy pause, keeping short-term sentiment cautiously positive.
Action: Nifty has an immediate Resistance at 26040 and on a decisive close above expect a rise to 26150-26240 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 58080 levels on the upside and on a decisive close above expect a rise to 58450-58600. There is an immediate support at 57400-57130 levels.
Technical Call Updates
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Quote on Nifty by Rupak De, Senior Technical Analyst at LKP Securities
