Indian markets extended their losing run to fifth consecutive trading session - Nirmal Bang
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Market Review:
Indian markets extended their losing run to fifth consecutive trading session on Thursday. Trading was volatile due to expiry of weekly index options on the NSE. The barometer index, the S&P BSE Sensex, dropped 585.10 points or 1.17% at 49,216.52. The Nifty 50 index declined 163.45 points or 1.11% at 14,557.85.
Nifty Technical Outlook
Nifty is expected to open gap down likely to witness negative move during the day. On technical grounds, Nifty has an immediate support at 14400. Any move below the same may extend the fall towards 14240-14150 mark. On the flip side 14800-15000 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.
Action: Nifty has an immediate support placed at 14400 and on a decisive close below expect a fall to 14240-14150 levels.
Bank Nifty
Bank Nifty faces an immediate support around 33440 level on the downside and on a decisive close below expect a fall to 33000-32600. There is an Immediate resistance at 34400-35000 levels.
Technical Call Updates
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