IGI Logo

Market Review:

Indian markets ended with deep cuts on Friday. Barring the Nifty FMCG index, all the sectoral indices on the NSE ended in the red. Media, PSU banks, consumer durables and realty stocks were under pressure. The barometer index, the S&P BSE Sensex, tumbled 427.44 points or 0.72% to 59,037.18. The Nifty 50 index fell 139.85 points or 0.79% to 17,617.15.

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 17500. Any move below the same may extend the fall toward 17410-17300 mark. On the flip side 17700-17800 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17500 and on a decisive close below expect a fall to 17410-17300 levels.

Bank Nifty

Bank Nifty faces an immediate support around 37280 levels on the downside and on a decisive close below expect a fall to 37000-36770. There is an immediate resistance at 38000-38340 levels.

Technical Call Updates

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