Indian markets experienced a sharp decline on Friday, mirroring a broader sell-off in global markets - Nirmal Bang Ltd
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Market Review:
Indian markets experienced a sharp decline on Friday, mirroring a broader sell-off in global markets. The sell-off was widespread, with banking and energy sectors bearing the brunt of the decline. The S&P BSE Sensex, tanked 1,017.23 points or 1.24% to 81,183.93. The Nifty 50 index dropped 292.95 points or 1.17% to 24,852.15.
Nifty Technical Outlook
Nifty is expected to open on a negative note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24770. If nifty closes below that, further downside can be expected towards 24700-24600 mark. On the flip side 24930-25000 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 24770 and on a decisive close below expect a fall to 24700-24600 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 50370 levels on the downside and on a decisive close below expect a fall to 50000-49740. There is an immediate resistance at 51000-51340 levels.
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