IGI Logo

Market Review:

Indain market ended with small gains on Friday. IT, banks and financial services stocks were in demand. On the other hand, auto, consumer durables and media stock. Meanwhile, the Reserve Bank of India (RBI) increased the interest rate by 50 basis points to 5.4% and retained the FY23 GDP growth forecast at 7.2%. The S&P BSE Sensex, rose 89.13 points or 0.15% to 58,387.93. The Nifty 50 index gained 15.50 points or 0.09% to 17,397.50.

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 resistance at 17470. If nifty closes above that, further upside can be expected towards 17530-17600 mark. On the flip side 17340-17270 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 17470 and on a decisive close above expect arise to 17530-17600 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 38170 levels on the upside and on a decisive close above expect a rise to 38340-38640. There is an immediate support at 37780-37600 levels.

Technical Call Updates

To Read Complete Report & Disclaimer Click Here
 

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
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