Nifty has an immediate Support at 25240 and on a decisive close below expect a fall to 25200-25140 levels - Nirmal Bang Ltd
Market Review:
Indian Market ended lower on Friday, breaking a three-session winning run that was driven by optimism over potential U.S. Federal Reserve rate cuts and progress in trade talks between India and the U.S. Nifty settled below the 25,350 mark as selling in private banks and IT stocks weighed on sentiment. However, buying interest was seen in PSU banks, realty, and energy counters, which helped limit the overall losses.The BSE Sensex tanked 387.73 points or 0.47% to 82,626.23. The Nifty 50 index fell 96.55 points or 0.38% to 25,327.05.
Nifty Technical Outlook
Nifty is expected to open on a gap down note and likely to witness a sideways move during the day. On technical grounds, Nifty has an immediate support at 25240. If Nifty closes below that, further downside can be expected towards 25200-25140 mark. On the flip side 25440-25540 will act as strong resistance levels.
Action: Nifty has an immediate Support at 25240 and on a decisive close below expect a fall to 25200-25140 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 55520 levels on the downside and on a decisive close below expect a fall to 55380-55200 There is an immediate resistance at 55820-56000 levels
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