Nifty is expected to open gap down and likely to witness selling pressure during the day - Nirmal Bang
Market Review:
Indian markets ended with steep cuts after a weak session on Friday. IT, PSU banks and consumer durables stocks were under pressure. The barometer index, the S&P BSE Sensex, was down 773.11 points or 1.31% to 17,374.75.
Nifty Technical Outlook
Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has given a closing below it’s 50 DMA of 17464 levels. Nifty has an immediate support at 17150. Any move below the same may extend the fall toward 17070-17000 mark. On the flip side 17450-17540 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss.
Action: Nifty has an immediate support placed at 17150 and on a decisive close below expect a fall to 17070-17000 levels.
Bank Nifty
Bank Nifty faces an immediate support around 38100 levels on the downside and on a decisive close below expect a fall to 37730-37300. There is an immediate resistance at 38800-39150 levels.
Technical Call Updates
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