Indian market experienced deep losses on Thursday - Nirmal Bang Ltd
Market Review:
Indian market experienced deep losses on Thursday, ending a two-day gaining streak. The volatility was triggered by the Reserve Bank of India's decision to maintain key interest rates, putting pressure on interest rate-sensitive sectors such as banks, financial services, and autos. Some losses were offset by strength in IT and oil & gas stocks. The S&P BSE Sensex tumbled 723.57 points or 1% to 71,428.43. The Nifty 50 index declined 212.55 points or 0.97% to 21,717.95.
Nifty Technical Outlook Nifty is expected to open on a negative note and likely to remain cautious during the day. On technical grounds, Nifty has an immediate support at 21600. Any move below the same may extend the fall toward 21450-21370 mark. On the flip side 21800-21930 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 21600 and on a decisive close below expect a fall to 21450-21370 levels
Bank Nifty
Bank Nifty’s next immediate support is around 44700 levels on the downside and on a decisive close below expect a fall to 44160-43260. There is an immediate resistance at 45580-46100 levels.
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