Nifty has an immediate Support at 25800 and on a decisive close below expect a fall to 25730-25620 levels -Nirmal Bang Ltd
Market Review:
Indian Markets benchmarkS ended lower on Thursday, mirroring weak global sentiment after the U.S. The Nifty 50 slipped below the 25,900 level, weighed down by losses in private banks and financial services stocks. The S&P BSE Sensex tumbled 592.67 points or 0.70% to 84,404.46. The Nifty 50 index fell 176.05 points or 0.68% to 25,877.85.
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 25800. If Nifty closes below that, further downside can be expected towards 25730-25620 mark. On the flip side 25990-26100 will act as strong resistance levels. The range of 26,100 and 25,800 zone with consolidation happening since the last 4- 5 sessions.
Action: Nifty has an immediate Support at 25800 and on a decisive close below expect a fall to 25730-25620 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 58190 levels on the downside and on a decisive close below expect a fall to 58000-57890. There is an immediate resistance at 58600-58800 levels.
Technical Call Updates
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Quote on?Market Wrap by Shrikant Chouhan, Head Equity Research, Kotak Securities
