Nifty has an immediate support placed at 19270 and on a decisive close below expect a fall to 19200-19170 levels - Nirmal Bang
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Market Review:
Indian markets closed lower on Thursday after two days of flat trading. The realty and auto sectors saw positive momentum, while FMCG and oil & gas sectors experienced selling pressure. The S&P BSE Sensex declined 143.41 points or 0.22% to 64,832.20. The Nifty 50 index lost 48.20 points or 0.25% to 19,395.30.
Nifty Technical Outlook
Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 19270. Any move below the same may extend the fall toward 19200-19170 mark. On the flip side 19450-19500 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 19270 and on a decisive close below expect a fall to 19200-19170 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 43750 levels on the downside and on a decisive close below expect a fall to 43580-43350. There is an immediate resistance at 44080-44240 levels.
Technical Call Updates
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