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Published on 22/09/2020 9:02:01 AM | Source: Nirmal Bang Ltd

Nifty has an immediate support at 11150 - Nirmal Bang

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

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Market Review:

Indian market tumbled across the board on Monday as dismal global cues and rising COVID-19 cases triggered profit selling. The barometer index, the S&P BSE Sensex, fell 811.68 points or 2.09% at 38,034.14. The Nifty 50 index lost 254.40 points or 2.21% at 11,250.55.

 

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 11150. Any move below the same may extend the fall towards 11070-11000 mark. On the flip side 11340-11450 will act as strong resistance zones. Overall view is cautious trade calls with strict stop loss.

 

Action: Nifty has an immediate support placed at 11150 and on a decisive close below expect a fall to 11070-11000 levels.

 

 

Bank Nifty:

Bank Nifty faces an immediate support around 21210 level on the downside and on a decisive close below expect a fall to 21000-20860. There is an Immediate resistance at 21600-21840 levels.

 

 

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