IGI Logo

Market Review:

Indian market benchmarks ended marginally lower yesterday as global trade jitters resurfaced after U.S. President Donald Trump hinted at hiking tariffs on imported steel and aluminium to 50%, effective June 4. Losses in metal and IT stocks outweighed the optimism sparked by upbeat domestic economic data. The S&P BSE Sensex declined 77.26 points or 0.09% to 81,373.75. The Nifty 50 index fell 34.10 points or 0.14% to 24,716.60.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate Resistance at 24800. If Nifty closes above that, further upside can be expected towards 24870-24940 mark. On the flip side 24640-24570 will act as strong support levels.

Action: Nifty has an immediate Resistance placed at 24800 and on a decisive close above expect a rise to 24870-24940 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 56440 levels on the upside and on a decisive close above expect a rise to 56770-57000 There is an immediate support at 55870-55540 levels.

Technical Call Updates

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH00000176