Nifty is expected to open on a positive note and likely to witness positive move during the day - Nirmal Bang Ltd
Market Review:
Domestic equity benchmarks finished with strong gains on Wednesday as a surge in IT stocks. The Sensex rose 513.45 points or 0.61% to end at 85,186.47, while the Nifty advanced 142.60 points or 0.55% to close at 26,052.65. HCL Technologies (up 4.32%), Infosys (up 3.74%) and ICICI Bank (up 0.82%) were among the key contributors to the gains.
Nifty Technical Outlook
Nifty is expected to open on a positive note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 26200. If Nifty closes above that, further upside can be expected towards 26350-26430 mark. On the flip side 25900-25780 will act as strong support levels. Price consolidated between 26000 and 25800, with aggressive buyers stepping in for a V shape recovery breakout.
Action: Nifty has an immediate Resistance at 26200 and on a decisive close above expect a rise to 26350-26430 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 59400 levels on the upside and on a decisive close above expect a rise to 59570-59890. There is an immediate support at 58900-58600 levels.
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