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Market Review:

Indian benchmark ended with modest losses today, marking their third straight session of decline. The Nifty closed below the 24,450 level, pressured by energy and auto stocks, while gains in FMCG and consumer durables provided some support. The S&P BSE Sensex declined 270.92 points or 0.34% to 79,809.65. The Nifty 50 index lost 74.05 points or 0.30% to 24,426.85.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 24500. If Nifty closes above that, further upside can be expected towards 24570-24640 mark. On the flip side 24370-24300 will act as strong support levels.

Action: Nifty has an immediate Resistance at 24500 and on a decisive close above expect a rise to 24570-24640 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 54300 levels on the upside and on a decisive close above expect a rise to 54540-54770. There is an immediate support at 53840-53570 levels.

Technical Call Updates

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