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 continued their winning streak for the fifth day in a row on Wednesday. Consumer goods and fast-moving consumer goods stocks performed well, while real estate and public sector banks faced selling pressure.The S&P BSE Sensex gained 102.44 points or 0.13% to 80,905.30. The Nifty 50 index added 71.35 points or 0.29% to 24,770.20.
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 24840. If nifty closes above that, further upside can be expected towards 24900-24970 mark. On the flip side 24700-24640 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 24840 and on a decisive close above expect a rise to 24900-24970 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 51000 levels on the upside and on a decisive close above expect a rise to 51540-51770 There is an immediate support at 50540-50270 levels.
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