Indian markets declined sharply on Friday, led by broader selling pressure. IT, pharma and PSU banks declined sharply. Rising coronavirus cases across US, Europe and China weighed on investors' sentiment. The barometer index, the S&P BSE Sensex, dropped 549.49 points or 1.11% to 49,034.67. The Nifty 50 index lost 161.90 points or 1.11% at 14,433.70.
Nifty Technical Outlook
Nifty is expected to open on a negative note and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 14370. Any move below the same may extend the fall towards 14300-14270 mark. On the flip side 14500-14570 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.
Action: Nifty has an immediate support placed at 14370 and on a decisive close below expect a fall to 14300-14270 levels.
Bank Nifty faces an immediate support around 32100 level on the downside and on a decisive close below expect a fall to 31840-31570. There is an Immediate resistance at 32580-32870 levels.
Technical call updates
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