Nifty has an immediate resistance placed at 19550 and on a decisive close above expect a rise to 19700-19800 levels - Nirmal Bang Ltd
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Market Review:
Indian markets faced selling pressure on Monday. The broader market showed resilience as there was increased buying in the PSU banks and metal shares. The S&P BSE Sensex slipped 325.58 points or 0.50% to 64,933.87. The Nifty 50 index lost 82 points or 0.42% to 19,443.55
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 19550. If nifty closes above that, further upside can be expected towards 19700-19800 mark. On the flip side 19400-19300 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 19550 and on a decisive close above expect a rise to 19700-19800 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 44130 levels on the upside and on a decisive close above expect a rise to 44300-44550. There is an immediate support at 43850-43680 levels.
Technical Call Updates
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