Nifty is expected to open on a negative note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review:
Domestic equity benchmarks closed higher yesterday, marking their sixth straight session of gains. The Nifty ended above the 26,000 mark. PSU banks, autos and consumer durables logged strong buying interest. The S&P BSE Sensex advanced 388.17 points or 0.46% to 84,950.95. The Nifty 50 index rallied 103.40 points or 0.40% to 26,013.45
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 25860. If Nifty closes below that, further downside can be expected towards 25820-25750 mark. On the flip side 26060-26100 will act as strong resistance levels. So, one should maintain a stock-specific approach and look at those stocks that are looking strong at technical breakout.
Action: Nifty has an immediate Support at 25860 and on a decisive close below expect a fall to 25820-25750 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 58790 levels on the downside and on a decisive close below expect a fall to 58560-58420. There is an immediate resistance at 59160-59300 levels.
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