IGI Logo

Market Review:

Indian markets declined for the second consecutive session on Thursday. Trading was volatile due to expiry of weekly index options on the NSE. Rate sensitive banks and financial shares were under pressure. On the other hand, media and FMCG shares climbed. The barometer index, the S&P BSE Sensex, slipped 337.06 points or 0.57% to 59,119.72. The Nifty 50 index declined 88.55 points or 0.50% to 17,629.80.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 17540. Any move below the same may extend the fall toward 17440-17350 mark. On the flip side 17750-17850 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17540 and on a decisive close below expect a fall to 17440-17350 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 40330 levels on the downside and on a decisive close below expect a fall to 40000-39750. There is an immediate resistance at 41000-41280 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