Nifty has an immediate resistance placed at 19800 and on a decisive close above expect a rise to 19840-19900 levels - Nirmal Bang Ltd
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Market Review:
Indian markets ended with minor losses on Monday. While banking, realty, and IT stocks experienced some profit-taking, there was buying activity in metal, auto, and consumer durable stocks which helped limit the overall losses. The S&P BSE Sensex declined 115.81 points or 0.17% to 66,166.93. The Nifty 50 index lost 19.30 points or 0.10% to 19,731.75.
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 19800. If nifty closes above that, further upside can be expected towards 19840-19900 mark. On the flip side 19680-19640 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 19800 and on a decisive close above expect a rise to 19840-19900 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 44480 levels on the upside and on a decisive close above expect a rise to 44620-44780. There is an immediate support at 44180-44000 levels.
Technical Call Updates
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