IGI Logo

Market Review:

Indian markets declined for the third consecutive session on Thursday. Profit selling, weak Q2 results and negative global cues put pressure on bourses. IT, metal and realty stocks witnessed steep selling. Banks stocks bucked the trend on value buying. The barometer index, the S&P BSE Sensex, dropped 336.46 points or 0.55% to 60,923.50. The Nifty 50 index lost 88.50 points or 0.48% to 18,178.10.

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 18360. If nifty closes above that, further upside can be expected towards 18450-18540 mark. On the flip side 18100-18000 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 18360 and on a decisive close above expect a rise to 18450-18540 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 40450 levels on the upside and on a decisive close above expect a rise to 40700-41000. There is an immediate support at 39770-39500 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