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 snapped a two-day winning streak and ended marginally lower on Tuesday. Sectorally, auto and pharma shares underperformed, while IT and FMCG stocks witnessed buying interest. The S&P BSE Sensex shed 105.79 points or 0.13% to 80,004.06. The Nifty 50 index lost 27.40 points or 0.11% to 24,194.50.
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 24270. If nifty closes above that, further upside can be expected towards 24340-24400 mark. On the flip side 24100-24000 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 24270 and on a decisive close above expect a rise to 24340-24400 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 52440 levels on the upside and on a decisive close above expect a rise to 52600-52840 There is an immediate support at 52000-51740 levels.
Technical Call Updates
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