Nifty has an immediate Support at 24640 and on a decisive close below expect a fall to 24570-24500 levels - Nirmal Bang Ltd
Market Review:
Indian market benchmarks ended slightly lower on Thursday, snapping a two-day winning run. The Nifty 50 slipped below 24,800, dragged down by weakness in energy, metal, and pharma stocks. However, FMCG bucked the weak market trend. The S&P BSE Sensex declined 296.28 points or 0.36% to 81,185.58. The Nifty 50 index lost 86.70 points or 0.35% to 24,768.35
Nifty Technical Outlook
Nifty is expected to open on a gap down note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24640. If Nifty closes below that, further downside can be expected towards 24570-24500 mark. On the flip side 24840-24900 will act as strong resistance levels.
Action: Nifty has an immediate Support at 24640 and on a decisive close below expect a fall to 24570-24500 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 55940 levels on the downside and on a decisive close below expect a fall to 55740-55500. There is an immediate resistance at 56440-56670 levels.
Technical Call Updates
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IPO Note : Vikran Engineering Ltd by Nirmal Bang Ltd
