Nifty is expected to open on a positive note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets concluded a volatile trading session on a positive note on Wednesday. Key sectors that drove the market's uptick included media, realty, and metals. However, PSU banks and consumer durables stocks faced downward pressure. The S&P BSE Sensex rose 255.83 points or 0.30% to 85,169.87. The Nifty 50 index added 63.75 points or 0.25% to 26,004.15.
Nifty Technical Outlook
Nifty is expected to open on a positive note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 26100. If nifty closes above that, further upside can be expected towards 26170-26240 mark. On the flip side 25930-25840 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 26100 and on a decisive close above expect a rise to 26170-26240 levels
Bank Nifty
Bank Nifty faces an immediate resistance around 54500 levels on the upside and on a decisive close above expect a rise to 54770-55000 There is an immediate support at 53800-53500 levels.
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