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Published on 21/09/2020 9:37:31 AM | Source: Nirmal Bang Ltd

Nifty has an immediate support placed at 11440 By Nirmal Bang

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

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Market Review:

Indian market ended with modest losses while the Nifty ended almost flat after a volatile session on Friday. Heavy selling in banks eclipsed rally in pharma shares. Worries about a resurgence in coronavirus cases across the globe spooked investors. The barometer index, the S&P BSE Sensex lost 134.03 points or 0.34% at 38,845.82. The Nifty 50 index shed 11.15 points or 0.10% at 11,504.95.

 

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 11440. Any move below the same may extend the fall towards 11370-11300 mark. On the flip side 11580-11650 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 11440 and on a decisive close below expect a fall to 11370-11300 levels.

 

 

Bank Nifty:

Bank Nifty faces an immediate support around 21750 level on the downside and on a decisive close below expect a fall to 21420-21100. There is an Immediate resistance at 22140-22360 levels.

 

Technical call updates

 

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