Nifty is expected to open on a negative note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets closed with modest gains on Wednesday, buoyed by strong demand for IT, pharma, and healthcare stocks. Meanwhile, media and public sector banks faced selling pressure.The S&P BSE Sensex rose 73.80 points or 0.09% to 81,785.56. The Nifty 50 index added 34.60 points or 0.14% to 25,052.35, its record closing high level.
Nifty Technical Outlook
Nifty is expected to open on a negative note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24970. Any move below the same may extend the fall toward 24900-24840 mark. On the flip side 25140-25200 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.
Action:
Nifty has an immediate support placed at 24970 and on a decisive close below expect a fall to 24900-24840 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 51000 levels on the downside and on a decisive close below expect a fall to 50740-50500. There is an immediate resistance at 51440-51770 levels.
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