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 ended almost flat today, awaiting clues on interest rate cuts from US Fed Chair Powell's speech at Jackson Hole. The Nifty50 held the 24,800 level. Realty, media and IT stocks fell the most, while Nifty Auto bucked the trend. The barometer index, the S&P BSE Sensex, rose 33.02 points or 0.04% to 81,086.21. The Nifty 50 index added 11.65 points or 0.05% to 24,823.15.
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 24900. If nifty closes above that, further upside can be expected towards 25000-25140 mark. On the flip side 24740-24650 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 24900 and on a decisive close above expect a rise to 25000-25140 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 51170 levels on the upside and on a decisive close above expect a rise to 51500-51770 There is an immediate support at 50750-50500 levels.
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Index is likely to open on a flat note today and is likely to remain positive during the day...
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