The nifty has an immediate support at 14500 levels - Choice Broking
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Nifty
*Nifty continued the downside move for the day after a negative opening. The benchmark index plunged more than 1.5% to close at 14561.85.
*All the sectoral indices came under pressure and settled in red with the average loss of 1.5% whereas Nifty Auto and Nifty Metal were the top losers.
*Despite a continued fall, a few stocks like Cipla, Asianpaints, Powergrid have contributed some gains and managed to close at a green note while Tatasteel, Tatamotors, M&M, Hindalco were the prime laggards.
*Technically, the index has formed a bearish candle after two days of recovery and settled near its immediate support of 14500 levels. On an hourly chart, the benchmark index has closed below 100 Exponential Moving Averages, which indicates selling pressure for the near term.
*At present, the nifty has an immediate support at 14500 levels while upside resistance is shifted up to 14800 levels. If the index sustains below the levels of 14500 then downsides could be seen till 14300 levels.
Bank Nifty
*Banknifty dragged more than 850 points in a day to close at 33293.25 levels
*Moreover, the stock has confirmed the “Bearish Marabozu Candlestick” which is bearish reversal pattern suggests a south worth movementin the counter.
*Moreover, the stock has been trading below its 21 Days Moving Average which is placed at 34711 level which shows negative momentum in the stock.
*At Present in the Index has support comes at 32900 level while resistance comes at 34000 level.
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