Indian market indices witnessed a sharp decline on Friday, ending a two-day winning streak - Nirmal Bang Ltd
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Market Review:
Indian market indices witnessed a sharp decline on Friday, ending a two-day winning streak. The sell-off was primarily driven by weakness in IT, pharma, and banking stocks. However, sectors such as media, oil & gas, and consumer durables bucked the trend and witnessed strong demand. The S&P BSE Sensex dropped 720.60 points or 0.90% to 79,223.11. The Nifty 50 index slipped 183.90 points or 0.76% to 24,004.75.
Nifty Technical Outlook
Nifty is expected to open on a positive note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 24070. If nifty closes above that, further upside can be expected towards 24140-24200 mark. On the flip side 23940-23870 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 24070 and on a decisive close above expect a rise to 24140-24200 levels
Bank Nifty
Bank Nifty faces an immediate resistance around 51500 levels on the upside and on a decisive close above expect a rise to 51740-52000 There is an immediate support at 51000-50700 levels.
Technical Call Update
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