Nifty has an immediate resistance placed at 18000 and on a decisive close above expect a rise to 18100-18180 levels - Nirmal Bang
Market Review:
Indian markets ended with small losses on Tuesday. Metals and oil & gas stocks tumbled while PSU banks and realty shares rallied. Global stocks were mixed ahead of the upcoming Bank of England and US Fed meetings. The barometer index, the S&P BSE Sensex, fell 109.40 points or 0.18% to 60,029.06. The Nifty 50 index lost 40.70 points or 0.23% to 17,888.95.
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 18000. If nifty closes above that, further upside can be expected towards 18100-18180 mark. On the flip side 17800-17700 will act as strong support levels. It’s a stock specific market and trade calls with strict stop loss.
Action: Nifty has an immediate resistance placed at 18000 and on a decisive close above expect a rise to 18100-18180 levels.
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