Nifty is expected to open on a positive note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review:
Indian market benchmark indices closed slightly higher on Tuesday. While strength in HDFC Bank and IT stocks provided support, losses in Reliance Industries and ICICI Bank capped the market's upside. The S&P BSE Sensex added 32.81 points or 0.04% to 78,017.19. The Nifty 50 index rose 10.30 points or 0.04% to 23,668.65.
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 23740. If nifty closes above that, further upside can be expected towards 23800-23870 mark. On the flip side 23600-23540 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 23740 and on a decisive close above expect a rise to 23800-23870 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 52000 levels on the upside and on a decisive close above expect a rise to 52240- 52570.There is an immediate support at 51440-51200 levels.
Technical Call Updates
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