Nifty has an immediate Support at 25140 and on a decisive close below expect a fall to 25070-25000 levels - Nirmal Bang Ltd
Market Review:
Indian benchmarks ended lower for the second consecutive session. The Nifty closed near the 25,200 mark, dragged down by IT stocks, while pharmaceutical shares with significant U.S. exposure also remained under pressure. The S&P BSE Sensex declined 466.26 points or 0.56% to 82,159.97. The Nifty 50 index lost 124.70 points or 0.49% to 25,202.35. In two consecutive trading sessions, the Sensex fell 1.02% and the Nifty declined 0.87%.
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 25140. If Nifty closes below that, further downside can be expected towards 25070-25000 mark. On the flip side 25270-25340 will act as strong resistance levels.
Action: Nifty has an immediate Support at 25140 and on a decisive close below expect a fall to 25070-25000 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 55240 levels on the downside and on a decisive close below expect a fall to 55000-54770. There is an immediate resistance at 55700-55940 levels
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