Nifty is expected to open on a negative note and likely to witness sideways move during the day - Nirmal Bang
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Market Review:
Indian markets ended with small losses on Friday. Metal, IT and FMCG stocks bucked a broader selling pressure. The barometer index, the S&P BSE Sensex, fell 143.25 points or 0.24% at 58,644.82. The Nifty 50 index lost 43.9 points or 0.25% at 17,516.3.
Nifty Technical Outlook
Nifty is expected to open on a negative note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 17570. If nifty closes above that, further upside can be expected towards 17670-17800 mark. On the flip side 17440-17370 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.
Action: Nifty has an immediate resistance placed at 17570 and on a decisive close above expect a rise to 17670-17800 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 38900 levels on the upside and on a decisive close above expect a rise to 39250-39500. There is an immediate support at 38470-38200 levels.
Technical Call Updates
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