IGI Logo

Market Review:

Indian markets ended lower after a volatile session on Tuesday. IT, metals, and pharma shares declined while financials and private banks ended in the green. The barometer index, the S&P BSE Sensex, fell 236 points or 0.43% to 54,052.61. The Nifty 50 index lost 89.55 points or 0.55% to 16,125.15.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. Fresh buying will emerge once Nifty closes above 16500 levels. Nifty is witnessing a resistance around 16400. On technical grounds, Nifty has an immediate resistance at 16230. If nifty closes above that, further upside can be expected towards 16320-16400 mark. On the flip side 16050-15970 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 16230 and on a decisive close above expect a rise to 16320-16400 levels.

Bank Nifty

Bank Nifty is taking the gap resistance around 35000 levels. Strong buying will be seen once we witness a closing above 35000 levels. Bank Nifty faces an immediate resistance around 34500 levels on the upside and on a decisive close above expect a rise to 34770-35000. There is an immediate support at 34000-33750 levels.

Technical Call Updates

To Read Complete Report & Disclaimer Click Here
 

Please refer disclaimer at https://investmentguruindia.com/Disclaimer/nirmal.html

SEBI Registration number is INH000001766

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer