The NSE Nifty 50 finds immediate resistance at the 24,330-24,350 zone, according to analyst Sudeep Shah, head of technical and Derivatives Research at SBI Securities. The index is expected to sustain bullish momentum due to positive global and domestic cues, such as the positive performance of the Gift Nifty and US stock market indices.
"On the upside, the immediate resistance for Nifty is placed in the 24,330-24,350 zone," Shah said. Going ahead, the immediate support for Nifty is placed in the 24,000-23,950 zone, as per the analyst.
Any sustainable move below this zone could result in Nifty extending its weakness towards 23,800, followed by 23,650 in the short term, Shah stated.
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Bank Nifty
The Bank Nifty sees immediate support placed in the 54,900-54,800 zone, according to Shah.
"Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 54,500, followed by 54,100 in the short term," the analyst said.
Bank Nifty traded within a descending triangle-like formation on the intraday charts before witnessing a breakdown in the second half of the session, leading to a sharp decline, as per the analyst. "On the upside, the immediate resistance for the Index is placed in the 55,800-55,900 zone," Shah stated.
Market Recap
Indian equity benchmarks registered gains for the consecutive week. The NSE Nifty 50 rose 0.7% and the BSE Sensex rose 0.54%. On Friday, benchmarks ended lower, tracking negative global cues. The Nifty 50 closed 0.62% lower at 24,176.15, down 150.50 points, while the Sensex ended 0.66% lower at 77,328.19, down 516.33 points.
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