Nifty has an immediate support placed at 19660 and on a decisive close below expect a fall to 19590/19470 levels - Nirmal Bang
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Market Review:
Indian markets tanked on Friday, ending a six-day rising streak, as investors took profit. The decline was observed across various sectors, with the IT sector being the most affected, followed by FMCG and energy companies. The S&P BSE Sensex slumped 887.64 points or 1.31% to 66,684.26. The Nifty 50 index declined 234.15 points or 1.17% to 19,745.
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 19700/19660. Any move below the same may extend the fall toward 19600/19470 mark. On the flip side 19840/19970 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 19660 and on a decisive close below expect a fall to 19590/19470 levels
Bank Nifty
Bank Nifty’s next immediate support is around 45940 levels on the downside and on a decisive close below expect a fall to 45770/45560. There is an immediate resistance at 46300/46520 levels.
Technical Call Updates
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