Nifty has an immediate support placed at 19530 and on a decisive close below expect a fall to 19430-19370 levels - Nirmal Bang Ltd
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Market Review:
Indian markets declined on Thursday amid weak global cues and the ongoing earnings season. While auto stocks advanced, the metal and energy sectors experienced selling. The S&P BSE Sensex declined 247.78 points or 0.38% to 65,629.24. The Nifty 50 index lost 46.40 points or 0.24% to 19,624.70.
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 19530. Any move below the same may extend the fall toward 19430-19370 mark. On the flip side 19700-19780 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 19530 and on a decisive close below expect a fall to 19430-19370 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 43650 levels on the downside and on a decisive close below expect a fall to 43450-43200. There is an immediate resistance at 44080-44310 levels.
Technical Call Updates
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