Nifty has an immediate resistance placed at 19070 and on a decisive close above expect a rise to 19150-19230 levels - Nirmal Bang Ltd
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Market Review:
Indian markets faced another day of decline as the Nifty index dropped below the 19,000 mark on Wednesday. The metal sector experienced a particularly poor performance, followed closely by the IT sector. The S&P BSE Sensex slipped 283.60 points or 0.44% to 63,591.33. The Nifty 50 index lost 90.45 points or 0.47% to 18,989.15.
Nifty Technical Outlook
Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 19070. If nifty closes above that, further upside can be expected towards 19150-19230 mark. On the flip side 18940-18880 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 19070 and on a decisive close above expect a rise to 19150-19230 levels
Bank Nifty
Bank Nifty faces an immediate resistance around 43040 levels on the upside and on a decisive close above expect a rise to 43160-43260. There is an immediate support at 42830-42730 levels.
Technical Call Updates
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