IGI Logo

Market Review:

Indian markets ended with steep losses on Friday amid weak global cues. Selling was seen across the board with metal, realty and banks declining the most. FMCG shares bucked weak market trend on defensive buying. The barometer index, the S&P BSE Sensex, declined 300.17 points or 0.54% at 55,329.32. The Nifty 50 index declined 118.35 points or 0.71% at 16,450.50.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. . On technical grounds, Nifty has an immediate resistance at 16520. If nifty closes above that, further upside can be expected towards 16600-16700 mark. On the flip side 16380-16300 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 16520 and on a decisive close above expect a rise to 16600-16700 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35300 levels on the upside and on a decisive close above expect a rise to 35550-35800. There is an immediate support at 34850-34600 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