Nifty has an immediate support placed at 19600 and on a decisive close below expect a fall to 19530-19440 levels - Nirmal Bang Ltd
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Market Review:
Indian markets faced selling pressure on Wednesday. Pharma and auto shares performed well, while banking and energy shares performed poorly. The S&P BSE Sensex tumbled 551.07 points or 0.83% to 65,877.02. The Nifty 50 index lost 140.40 points or 0.71% to 19,671.10.
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 19600. Any move below the same may extend the fall toward 19530-19440 mark. On the flip side 19830-19900 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 19600 and on a decisive close below expect a fall to 19530-19440 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 43870 levels on the downside and on a decisive close below expect a fall to 43680-43350. There is an immediate resistance at 44380-44700 levels.
Technical Call Updates
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