IGI Logo

Market Review:

Indian market extended their losing streak for the fourth straight session on Wednesday, with the Nifty slipping below the 25,100 mark as weakness in private banks, auto and IT stocks dragged the benchmarks lower. The S&P BSE Sensex declined 386.47 points or 0.47% to 81,715.63. The Nifty 50 index lost 112.60 points or 0.45% to 25,056.90. In four sessions, the Sensex has slumped 1.56% and the Nifty has declined 1.44%

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 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 55000 levels on the downside and on a decisive close below expect a fall to 54770-54500. There is an immediate resistance at 55500-55740 levels.

Technical Call Updates

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