Indian market ended with strong gains, snapping a two-day losing streak, driven by positive domestic data - Nirmal Bang Ltd
Market Review:
Indian market ended with strong gains, snapping a two-day losing streak, driven by positive domestic data. All NSE sectoral indices finished in the green, led by consumer durables and FMCG. The S&P BSE Sensex surged 592.93 points or 0.78% to 76,617.44. The Nifty 50 index jumped 166.65 points or 0.72% to 23,332.35.
Nifty Technical Outlook
Nifty is expected to open on a gap down and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 23140. If Nifty closes below that, further downside can be expected towards 23070-23000 mark. On the flip side 23400-23500 will act as strong resistance levels. It’s a stock specific market trade calls with strict stop loss.
Action: Nifty has an immediate support placed at 23140 and on a decisive close below expect a fall to 23070-23000 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 51240 levels on the downside and on a decisive close below expect a fall to 51000-50770 There is an immediate resistance at 51800-52000 levels.
Technical Call Updates
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Market is expected to open on a gap down and likely to witness sideways move during the day ...
