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Market Review:

Indian market benchmark ended the day deep in the red, dragged down by shaky global cues and jittery investor sentiment. The Nifty slipped below the 24,900 mark, with realty, consumer durables, and energy stocks leading the slide. The S&P BSE Sensex tanked 823.16 points or 1% to 81,691.98. The Nifty 50 index slumped 253.20 points or 1.01% to 24,888.20.

Nifty Technical Outlook

Nifty is expected to open on a gap down note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 24540. If Nifty closes below that, further downside can be expected towards 24470-24400 mark. On the flip side 24970-25140 will act as strong Resistance levels.

Action: Nifty has an immediate Support at 24540 and on a decisive close below expect a fall to 24470-24400 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 56000 levels on the downside and on a decisive close below expect a fall to 55740-55500. There is an immediate Resistance at 56400-56640 levels.

Technical Call Updates

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