IGI Logo

Market Review:

Indian market benchmarks witnessed a sharp decline on Monday. The benchmark index, which had touched an intraday high of 24,089.95, succumbed to selling pressure across sectors, particularly in PSU banks, realty, and metals. The S&P BSE Sensex plunged 1,258.12 points or 1.59% to 77,964.99. The Nifty 50 index tumbled 388.70 points or 1.62% to 23,616.05.

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 23700. If nifty closes above that, further upside can be expected towards 23770-23840 mark. On the flip side 23540-23470 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 23700 and on a decisive close above expect a rise to 23770-23840 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 50440 levels on the upside and on a decisive close above expect a rise to 50770-51000 There is an immediate support at 49840-49570 levels.

Technical Call Update

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766