Nifty is expected to open on a gap up note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review:
Indian market indices closed marginally higher on Wednesday, extending gains for the second consecutive day. Investor sentiment was largely driven by anticipation of the upcoming US Consumer Price Index (CPI) inflation data. The S&P BSE Sensex added 224.45 points or 0.29% to 76,724.080. The Nifty 50 index rose 37.15 points or 0.16% to 23,213.20.
Nifty Technical Outlook
Nifty is expected to open on a gap up note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 23340. If nifty closes above that, further upside can be expected towards 23400-23470 mark. On the flip side 23140-23070 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 23340 and on a decisive close above expect a rise to 23400-23470 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 49240 levels on the upside and on a decisive close above expect a rise to 49570-49840 There is an immediate support at 48670-48440 levels.
Technical Call Updates
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