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Market Review:

Indian markets tanked yesterday, mirroring a global rout sparked by fears of a US recession. The Nifty plunged below 24,100, with metal, media, and real estate stocks bearing the brunt.The S&P BSE Sensex slumped 2,222.55 points or 2.74% to 78,759.40. The Nifty 50 index tanked 662.10 points or 2.68% to 24,055.60.

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 24240. If nifty closes above that, further upside can be expected towards 24340-24400 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 24240 and on a decisive close above expect a rise to 24340-24400 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 50640 levels on the upside and on a decisive close above expect a rise to 51000-51340 There is an immediate support at 49700-49500 levels.

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