Nifty is expected to open on flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets concluded a volatile trading session with modest gains on Thursday. Private banks and FMCG stocks were among the top performers, while media, energy, and public sector banks witnessed selling pressure. The S&P BSE Sensex rose 236.57 points or 0.29% to 83,184.80. The Nifty 50 index added 38.25 points or 0.15% to 25,415.80.
Nifty Technical Outlook
Nifty is expected to open on flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 25500. If nifty closes above that, further upside can be expected towards 25570-25650 mark. On the flip side 25340-25270 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 25500 and on a decisive close above expect a rise to 25570-25650 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 53470 levels on the upside and on a decisive close above expect a rise to 53740-54000 There is an immediate support at 52870-52540 levels.
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