IGI Logo

Market Review:

.Indian markets slumped on Thursday. Selling was wide spread with metals, autos, banks, and financials declining the most. The US Fed announced a 75 basis point hike in interest rates. The barometer index, the S&P BSE Sensex, tumbled 1,045.60 points or 1.99% to 51,495.79. The Nifty 50 index tumbled 331.55 points or 2.11% to 15,360.60.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness volatile move during the day. Nifty has shown a major sell off in yesterday’s session by breaking an important support of 15670 on closing basis. On technical grounds, Nifty has an immediate support at 15170. Any move below the same may extend the fall toward 15100- 15000 mark. On the flip side 15400-15520 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 15170 and on a decisive close below expect a fall to 15100-15000 levels.

Bank Nifty

Bank Nifty has shown a sharp breakdown in yesterday’s session. Now Bank Nifty is likely to test its swing support at 32250 levels. Bank Nifty’s next immediate support is around 32250 levels on the downside and on a decisive close below expect a fall to 31850-31500. There is an immediate resistance at 33000-33370 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