Nifty has an immediate Support at 24540 and on a decisive close below expect a fall to 24470-24400 levels - Nirmal Bang Ltd
Market Review:
Indian benchmark closed with minor losses on Tuesday, marking the eighth straight day of decline. Consumer durables and media shares slipped, while PSU banks, metal and auto counters advanced. The S&P BSE Sensex declined 97.32 points or 0.12% to 80,267.62. The Nifty 50 index lost 23.80 points or 0.10% to 24,611.10. In eight trading sessions, the Sensex has plummeted 3.31% and the Nifty has tumbled 3.20%.
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 support at 24540. If Nifty closes below that, further downside can be expected towards 24470-24400 mark. On the flip side 24670-24740 will act as strong resistance levels.
Action: Nifty has an immediate Support at 24540 and on a decisive close below expect a fall to 24470-24400 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 54400 levels on the downside and on a decisive close below expect a fall to 54140-53900. There is an immediate resistance at 54870-55100 levels.
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