IGI Logo

Market Review:

Indian markets ended with minor cuts on Friday. The Nifty Oil & Gas index tumbled. On the other hand, FMCG, realty and healthcare shares were in demand. The barometer index, the S&P BSE Sensex, was down 111.01 points or 0.21% to 52,907.93. The Nifty 50 index fell 28.20 points or 0.18% to 15,752.05.

Nifty Technical Outlook

Nifty is expected to open on flattish note and likely to witness sideways move during the day. Nifty is likely to test its previous swing resistance of 15930. Till the time Nifty does not fill its upside gap strong buying is unlikely. On technical grounds, Nifty has an immediate resistance at 15840. If nifty closes above that, further upside can be expected towards 15930-16000 mark. On the flip side 15670-15600 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 15840 and on a decisive close above expect a rise to 15930-16000 levels.

Bank Nifty

Bank Nifty too has taken the resistance of its upside gap. Bank Nifty is likely to test it’s previous swing resistance of 34180. Bank Nifty faces an immediate resistance around 33880 levels on the upside and on a decisive close above expect a rise to 34180-34500. There is an immediate support at 33280-33000 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