Nifty is expected to open on a flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets snapped a two-day streak on Thursday, amid negative global cues. Trading was volatile due to expiry of weekly index options on the NSE. The barometer index, the S&P BSE Sensex declined 289.31 points or 0.50% to 57,925.28. The Nifty 50 index lost 75 points or 0.44% to 17,076.90.
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 17000. Any move below the same may extend the fall toward 16920-16850 mark. On the flip side 17170-17270 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 17000 and on a decisive close below expect a fall to 16920-16850 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 39440 levels on the downside and on a decisive close below expect a fall to 39100-38840. There is an immediate resistance at 40000-40280 levels.
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