IGI Logo

Market Review:

Indian markets ended with deep cuts after a weak session on Friday. Investors turned cautious ahead of the release of jobs report in the US. Banks stocks were major drag. On the other hand, consumer durables and FMCG shares bucked the trend. the S&P BSE Sensex, tumbled 671.15 or 1.12% to 59,135.13. The Nifty 50 index dropped 176.70 points or 1% to 17,412.90.

Nifty Technical Outlook

Nifty is expected to open on flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 17370. Any move below the same may extend the fall toward 17320-17270 mark. On the flip side 17500/17570 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 17370 and on a decisive close below expect a fall to 17320-17270 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 40500 levels on the downside and on a decisive close below expect a fall to 40300/40100. There is an immediate resistance at 40800/41000 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