Nifty has an immediate support placed at 23070 and on a decisive close below expect a fall to 23000-22940 levels - Nirmal Bang Ltd
Market Review:
Indian market benchmarks displayed a mixed performance yesterday. However, losses in energy, metal, and public sector bank stocks capped the upside. The IT sector emerged as a key driver, contributing significantly to the late-session rally. The S&P BSE Sensex advanced 566.63 points or 0.75% to 76,404.99. The Nifty 50 index added 130.70 points or 0.57% to 23,155.35.
Nifty Technical Outlook
Nifty is expected to open on a negative note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 23070. If nifty closes below that, further downside can be expected towards 23000-22940 mark. On the flip side 23200-23270 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 23070 and on a decisive close below expect a fall to 23000-22940 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 48640 levels on the downside and on a decisive close below expect a fall to 48340-48000 There is an immediate resistance at 49000-49270 level.
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