Nifty is expected to open on gap up note and likely to witness positive move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets continued their winning streak on Monday. Several sectors contributed to the market's rise, with PSU banks, realty, and energy shares witnessing strong demand. However, IT, private banks, and healthcare stocks faced some pressure. In the barometer index, the S&P BSE Sensex advanced 384.30 points or 0.45% to 84,928.61. The Nifty 50 index rose 148.10 points or 0.57% to 25,939.05.
Nifty Technical Outlook
Nifty is expected to open on gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 26000. If nifty closes above that, further upside can be expected towards 26080-26150 mark. On the flip side 25870-25800 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 26000 and on a decisive close above expect a rise to 26080-26150 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 54340 levels on the upside and on a decisive close above expect a rise to 54670-55000 There is an immediate support at 53740-53500 levels.
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