Indian market benchmarks extended their losing streak for the second consecutive session yesterday - Nirmal Bang Ltd
Market Review:
Indian market benchmarks extended their losing streak for the second consecutive session yesterday. Sectors most vulnerable to trade disruptions—IT and pharma—led the decline, followed by financial stocks. The S&P BSE Sensex tanked 1,390.41 points, or 1.80%, to 76,024.51. The Nifty 50 index tumbled 353.65 points, or 1.50%, to 23,165.70.
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 23240. If nifty closes above that, further upside can be expected towards 23300-23400 mark. On the flip side 23100-23000 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.
Action: Nifty has an immediate resistance placed at 23240 and on a decisive close above expect a rise to 23300-23400 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 51440 levels on the upside and on a decisive close above expect a rise to 51770- 52000.There is an immediate support at 51000-50740 levels.
Technical Call Updates
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