Nifty has an immediate Support at 25640 and on a decisive close below expect a fall to 25550-25400 levels - Nirmal Bang Ltd
Market Review:
Indian Market benchmarks ended sharply lower on Friday, declining for the second consecutive session. The Nifty 50 ended slightly below the 25,750 mark, with sharp losses in metal and healthcare stocks pulling the index lower. However, PSU bank stocks defied the trend. The S&P BSE Sensex tumbled 465.75 points or 0.55% to 83,938.71. The Nifty 50 index fell 155.75 points or 0.60% to 25,722.10.
Nifty Technical Outlook
Nifty is expected to open on a negative note and likely to witness negative move during the day. On technical grounds, Nifty has an immediate support at 25640. If Nifty closes below that, further downside can be expected towards 25550-25400 mark. On the flip side 25880-26040 will act as strong resistance levels. Momentum indicators (RSI, MACD) signal a healthy pause, keeping the short-term sentiment cautiously positive.
Action: Nifty has an immediate Support at 25640 and on a decisive close below expect a fall to 25550-25400 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 57960 levels on the downside and on a decisive close below expect a fall to 57740-57500. There is an immediate resistance at 58500-58800 levels.
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