Bank Nifty support at 56870; below it, may fall to 56640–56470 - Nirmal Bang Ltd
Market Review:
Indian market benchmarks ended in the red yesterday as intense selling pressure in IT stocks dragged indices lower, following disappointing earnings from key sector players. The Nifty 50 closed below the 25,100 mark, weighed down by broad-based selling across sectors. However, selective buying in pharma and PSU banks helped limit the downside. The S&P BSE Sensex slumped 542.47 points or 0.66% to 82,184.17, while the Nifty 50 fell 157.80 points or 0.63% to 25,062.10.
Nifty Technical Outlook
Nifty is expected to open on a gap down note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24940. If Nifty closes below that, further downside can be expected towards 24870-24800 mark. On the flip side 25140-25200 will act as strong resistance levels.
Action: Nifty has an immediate Support at 24940 and on a decisive close below expect a fall to 24870-24800 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 56870 levels on the downside and on a decisive close below expect a fall to 56640-56470. There is an immediate resistance at 57370-57640 levels.
Technical Call Updates
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Market is expected to open on a gap down note and likely to witness range bound move during ...
