Nifty is expected to open gap down likely to witness sideways move during the day - Nirmal Bang
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Market Review:
Indian markets ended with modest losses after a volatile trade on Tuesday. A record surge in Covid-19 cases and FII outflows from the capital market dented investors sentiment. Auto and pharma stocks bucked the trend. The barometer index, the S&P BSE Sensex, fell 243.62 points or 0.51% to 47,705.80. The Nifty 50 index lost 63.05 points or 0.44% to 14,296.40.
Nifty Technical Outlook
Nifty is expected to open gap down likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 14100. Any move below the same may extend the fall towards 14000-13900 mark. On the flip side 14370-14500 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 14100 and on a decisive close below expect a fall to 14000-13900 levels.
Bank Nifty
Bank Nifty faces an immediate support around 30550 level on the downside and on a decisive close below expect a fall to 30000-29600. There is an Immediate resistance at 31640-32000 levels.
Technical Call Updates
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