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 markets ended the trading day with modest gains, reflecting a cautious optimism in the market. FMCG and private banking stocks were the standout performers, driving the market's upward momentum. However, energy and IT stocks faced selling pressure, limiting the overall gains. The S&P BSE Sensex rose 375.61 points or 0.46% to 81,559.54. The Nifty 50 index added 84.25 points or 0.34% to 24,936.40.
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 25000. If nifty closes above that, further upside can be expected towards 25070-25150 mark. On the flip side 24850-24770 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 25000 and on a decisive close above expect a rise to 25070-25150 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 51640 levels on the upside and on a decisive close above expect a rise to 52000-52340 There is an immediate support at 51000-50640 levels.
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Nifty has an immediate Support at 25670 and on a decisive close below expect a fall to 25580...
