Nifty has an immediate support placed at 19600 and on a decisive close below expect a fall to 19540-19470 levels - Nirmal Bang Ltd
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Market Review:
Indian markets danced to the RBI's tune today, soaring higher after the central bank kept interest rates unchanged for the fourth consecutive time. Realty and consumer durables companies were the stars of the show, while PSU banks and oil & gas shares took a backseat. The S&P BSE Sensex advanced 364.06 points or 0.55% to 65,995.62. The Nifty 50 index added 107.75 points or 0.55% to 19,653.50.
Nifty Technical Outlook
Nifty is expected to open on a negative note and likely to remain cautious during the day. On technical grounds, Nifty has an immediate support at 19600. Any move below the same may extend the fall toward 19540-19470 mark. On the flip side 19700-19760 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 19540-19470 levels.
Bank Nifty
Bank Nifty’s immediate support is around 44390 levels on the downside and on a decisive close below expect a fall to 44260-44000. There is an immediate resistance at 44650-44790 levels.
Technical Call Updates
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