Nifty has an immediate support placed at 19000 and on a decisive close below expect a fall to 18900-18820 levels - Nirmal Bang Ltd
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Market Review:
Indian markets tumbled for the fifth consecutive session on Wednesday amid mounting tensions in the Middle East and a surge in US bond yields. Media, IT, and private banks faced downward pressure, while PSU banks and metal shares defied the overall market weakness. The S&P BSE Sensex dropped 522.82 points or 0.81% to 64,049.06. The Nifty 50 index shed 159.60 points or 0.83% to 19,122.15.
Nifty Technical Outlook
Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 19000. Any move below the same may extend the fall toward 18900-18820 mark. On the flip side 19180-19270 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.
Action: Nifty has an immediate support placed at 19000 and on a decisive close below expect a fall to 18900-18820 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 42580 levels on the downside and on a decisive close below expect a fall to 42340-41950. There is an immediate resistance at 44080-44310 levels.
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