Indian market benchmarks ended modestly lower yesterday, with the Nifty 50 settling just below the 24,650 mark - Nirmal Bang Ltd
Market Review:
Indian market benchmarks ended modestly lower yesterday, with the Nifty 50 settling just below the 24,650 mark. Energy, FMCG, and pharma stocks led the decline, dragging the index down as sentiment soured in the face of fresh geopolitical jitters. The S&P BSE Sensex dropped 308.47 points or 0.38% to 80,710.25. The Nifty 50 index declined 73.20 points or 0.30% to 24,649.55.
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 24570. If Nifty closes below that, further downside can be expected towards 24500-24440 mark. On the flip side 24740-24800 will act as strong resistance levels.
Action: Nifty has an immediate Support at 24570 and on a decisive close below expect a fall to 24500-24440 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 55300 levels on the downside and on a decisive close below expect a fall to 55070-54840. There is an immediate resistance at 55770-56000 levels.
Technical Call Updates
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