IGI Logo

Market Review:

Indian markets experienced their third consecutive decline on Wednesday. IT and PSU banks tumbled. On the other hand, metals, oil & gas and realty shares bucked trend. In the three straight sessions, the Sensex has fallen 1.43% while the Nifty has slipped 1.17%. The S&P BSE Sensex, which serves as a barometer index, fell 0.27%, or or 159.21 points, to reach 59,567.80. The Nifty 50 index decreased by 0.23%, or 41.40 points, to close at 17,618.75.

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 support at 17570. Any move below the same may extend the fall toward 17500-17450 mark. On the flip side 17670-17800 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17570 and on a decisive close below expect a fall to 17500-17450 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 42040 levels on the downside and on a decisive close below expect a fall to 41870-41600. There is an immediate resistance at 42370-42500 levels.

Technical Call Updates

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
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