Nifty is expected to open on a gap up note and likely to witness positive move during the day - Nirmal Bang Ltd
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Nifty
Market Review:
Indian markets ended with minor losses on Wednesday as investors eagerly anticipated the US Federal Reserve's interest rate decision. IT, pharma and energy stocks weighed down the market, while financial services and private banks shares witnessed buying interest. The S&P BSE Sensex declined 131.43 points or 0.16% to 82,948.23. The Nifty 50 index fell 41 points or 0.16% to 25,377.55.
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 25500. If nifty closes above that, further upside can be expected towards 25570-25670 mark. On the flip side 25300-25200 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 25500 and on a decisive close above expect a rise to 25570-25670 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 53000 levels on the upside and on a decisive close above expect a rise to 53240-53500 There is an immediate support at 52500-52270 levels.
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