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 market extended its rally for the sixth consecutive session on Monday, with the Sensex soaring over 1,000 points and the Nifty50 closing above 23,650, driven by gains in banking and energy stocks. The S&P BSE Sensex surged 1,078.87 points, or 1.40%, to 77,984.38. The Nifty 50 index rallied 307.95 points, or 1.32%, to 23,658.35.
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 23740. If nifty closes above that, further upside can be expected towards 23800-23870 mark. On the flip side 23470-23400 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 23740 and on a decisive close above expect a rise to 23800-23870 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 52000 levels on the upside and on a decisive close above expect a rise to 52240- 52570.There is an immediate support at 51500-51270 levels.
Technical Call Updates
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