Nifty is expected to open on gap up note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets snapped early gains to close slightly lower on Wednesday, as the Reserve Bank of India (RBI) maintained its key policy rates. Pharma and realty shares led the way, while FMCG and energy stocks corrected. The S&P BSE Sensex was down 167.71 points or 0.21% to 81,467.10. The Nifty 50 index shed 31.20 points or 0.12% to 24,981.95.
Nifty Technical Outlook
Nifty is expected to open on gap up note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 25050. If nifty manage to sustain above 50DMA on closing basis, further upside can be expected towards 25140-25240 mark. On the flip side 24900-24830 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 25050 and on a decisive close above expect a rise to 25140-25240 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 51800-52000 There is an immediate support at 51000-50770 levels.
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