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Market Review:

Indian markets continued their downward trend for the fifth consecutive session on Friday, primarily driven by concerns over escalating tensions in the Middle East. Banking, FMCG, and auto stocks were particularly hard hit. The S&P BSE Sensex tumbled 808.65 points or 0.98% to 81,688.45. The Nifty 50 index dropped 235.50 points or 0.93% to 25,014.60.

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 25100. If nifty closes above that, further upside can be expected towards 25170-25250 mark. On the flip side 24940-24860 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 25100 and on a decisive close above expect a rise to 25170-25250 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 52000 levels on the upside and on a decisive close above expect a rise to 52340-52500 There is an immediate support at 51700-51540 levels.

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