Bank Nifty is expected to open on a Gap up note and likely to witness positive move during the day - Nirmal Bang Ltd
MARKET REVIEW
* Equity benchmarks ended lower on Friday as profit-taking emerged on domestic bourses after a two-day winning streak.
* Barring FMCG, all other sectoral indices ended in the red with capital goods, realty, PSU Bank, metal recording significant decline.
* The S&P BSE Sensex tumbled 400.76 points, or 0.47%, to 85,231.92, while the Nifty 50 fell 124 points, or 0.47%, to 26,068.15.
NIFTY
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 26230. If Nifty closes above that, further upside can be expected towards 26300-26350 mark.
* On the flip side 26000-25940 will act as strong support levels.
BANK NIFTY
BANK NIFTY TECHNICAL OUTLOOK
* Bank Nifty is expected to open on a Gap up note and likely to witness positive move during the day.
* Bank Nifty’s next immediate resistance is around 59250 levels on the upside and on a decisive close above expect a rise to 59460-59630.
* There is an immediate support at 58700-58530 levels.
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