IGI Logo

Market Review:

Indian market ended with steep losses on Friday. Banks, financial shares and realty shares dragged. On the other hand, IT shares bucked the trend. The barometer index, the S&P BSE Sensex, tumbled 651.85 points or 1.08% to 59,646.15. The Nifty 50 index tumbled 198.05 points or 1.10% to 17,758.45.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. Nifty has shown a profit booking in last trading sessions. Profit booking is expected to continue in today’s session too. On technical grounds, Nifty has an immediate support at 17650. Any move below the same may extend the fall toward 17540-17470 mark. On the flip side 17840-17920 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 17650 and on a decisive close below expect a fall to 17540-17470 levels

Bank Nifty

Bank Nifty has seen a major sell off in Friday’s trading session. Bank Nifty’s next immediate support is around 38740 levels on the downside and on a decisive close below expect a fall to 38500-38200. There is an immediate resistance at 39270-39500 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