Bank Nifty has given the closing below it’s 100 DMA and is likely to test it’s 50 DMA levels - Nirmal Bang
Market Review:
Indian markets ended with small cuts on Thursday, amid mixed global cues. Banks shares were under pressure. On the other hand, oil & gas stocks bucked the negative market trend. The S&P BSE Sensex, fell 104.67 points or 0.18% at 57,892.01. The Nifty 50 index slipped 17.60 points or 0.1% at 17,304.60.
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness sideways move during the day. From last two days, nifty is consolidating and taking a resistance of it’s 50 DMA. On technical grounds, Nifty has an immediate resistance at 17400. If nifty closes above that, further upside can be expected towards 17470-17550 mark. On the flip side 17220-17130 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 17400 and on a decisive close above expect a rise to 17470-17550 levels.
Bank Nifty
Bank Nifty has given the closing below it’s 100 DMA and is likely to test it’s 50 DMA levels. Bank Nifty faces an immediate resistance around 37740 levels on the upside and on a decisive close above expect a rise to 38000-38270. There is an immediate support at 37240-37000 levels.
Technical Call Updates
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