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Published on 2/08/2021 9:12:05 AM | Source: Nirmal Bang Ltd

Nifty has an immediate resistance placed at 15850 and on a decisive close above expect a rise to 15920-16000 levels - Nirmal Bang

Posted in Market Outlook| #Nirmal Bang Ltd #Market Outlook

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Market Review:

Indian markets ended with limited losses on Friday, as significant selling pressure in the last hour of trade forced the benchmarks to pare all gains earned during the day. Pharmaceutical and media stocks rallied while metal shares succumbed to selling pressure. The barometer index, the S&P BSE Sensex, fell 66.23 points or 0.13% to 52,586.84. The Nifty 50 index lost 15.40 points or 0.1% to 15,763.05.

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 15850. If nifty closes above that, further upside can be expected towards 15920-16000 mark. On the flip side 15700-15630 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 15850 and on a decisive close above expect a rise to 15920-16000 levels.

 

Bank Nifty

Bank Nifty faces an immediate resistance around 35000 levels on the upside and on a decisive close above expect a rise to 35240-35500. There is an immediate support at 34550-34400 levels.

 

Technical Call Updates

 

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