IGI Logo

Market Review:

Indian markets was hammered on Thursday, after Russian forces invaded Ukraine. All the sectoral indices on the NSE crashed with banks, autos and realty shares crumbling. The barometer index, the S&P BSE Sensex, tumbled 2,702.15 points or 4.72% at 54,529.91. The Nifty 50 index slumped 815.30 points or 4.78% at 16,247.95.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness sideways move during the day. Nifty has broken all the important support levels. A small bounce back is expected after the huge sell off. On technical grounds, Nifty has an immediate resistance at 16640. If nifty closes above that, further upside can be expected towards 16880-17000 mark. On the flip side 16350-16200 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 16640 and on a decisive close above expect a rise to 16880-17000 levels.

Bank Nifty

Bank Nifty has broken it’s important support levels and evn gave a closing below it’s 200 DMA. A small bounce back is expected. Bank Nifty faces an immediate resistance around 36000 levels on the upside and on a decisive close above expect a rise to 36480-37000. There is an immediate support at 35000-34650 levels.

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