Nifty has an immediate support placed at 17280 and on a decisive close below expect a fall to 17200-17100 levels - Nirmal Bang
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Market Review:
Indian markets ended flat after a volatile trade on Tuesday, tracking negative global cues. Banks and financial stocks were in demand while IT, auto and pharma shares declined. The S&P BSE Sensex, dropped 29.22 points or 0.05% at 58,250.26. The Nifty 50 index fell 8.6 points or 0.05% to end at 17,353.50.
Nifty Technical Outlook
Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 17280. Any move below the same may extend the fall towards 17200-17100 mark. On the flip side 17440-17520 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.
Action: Nifty has an immediate support placed at 17280 and on a decisive close below expect a fall to 17200-17100 levels.
Bank Nifty
Bank Nifty faces an immediate support around 37000 level on the downside and on a decisive close below expect a fall to 37220-37500. There is an Immediate resistance at 36500-36300 levels.
Technical Call Updates
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