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Market Review:

Indian market closed the session near the day's highs despite initial concerns over a delay in US Federal Reserve rate cuts. IT, metals and oil & gas shares led the gains. The S&P BSE Sensex gained 454.67 points or 0.63% to 71,186.09. The Nifty 50 index added 157.70 points or 0.72% to 21,929.40.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 21990. If nifty closes above that, further upside can be expected towards 22080-22200 mark. On the flip side 21800-21670 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 21730 and on a decisive close below expect a fall to 21600/21500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 46170 levels on the upside and on a decisive close above expect a rise to 46380-46600 There is an immediate support at 45750-45530 levels.

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