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Market Review:

Indian markets barometers took a significant tumble today, extending their losing streak to five days. The Nifty closed below the 24,200 level, dragged by consumer durables, energy and metal shares. The S&P BSE Sensex, dropped 662.87 points or 0.83% to 79,402.29. The Nifty 50 index slipped 218.60 points or 0.90% to 24,180.80.

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 24350-24440 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 24350-24440 levels

Bank Nifty

Bank Nifty faces an immediate resistance around 51140 levels on the upside and on a decisive close above expect a rise to 51470-51750 There is an immediate support at 50500-50170 levels.

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