Nifty has an immediate Support at 25000 and on a decisive close below expect a fall to 24940-24870 levels - Nirmal Bang Ltd
Market Review:
Indian market benchmarks ended lower for the fourth straight session on Monday, slipping despite a softer WPI inflation print. The Nifty closed below the 25,100 mark as selling in IT stocks offset gains in healthcare. Meanwhile, mid- and small-cap stocks bucked the trend, showing positive momentum. The S&P BSE Sensex declined 247.01 points or 0.30% to 82,253.46. The Nifty 50 index lost 67.55 points or 0.27% to 25,082.30.
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness a range bound move during the day. On technical grounds, Nifty has an immediate support at 25000. If Nifty closes below that, further downside can be expected towards 24940-24870 mark. On the flip side 25140-25200 will act as strong resistance levels.
Action: Nifty has an immediate Support at 25000 and on a decisive close below expect a fall to 24940-24870 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 56770 levels on the downside and on a decisive close below expect a fall to 56540-56270. There is an immediate resistance at 57200-57440 levels.
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