IGI Logo

Market Review:

Indian market closed with modest losses on Friday, weighed down by persistent FII selling and a weakening rupee. While the IT sector rallied after strong TCS results, all other sectoral indices on the NSE declined. The S&P BSE Sensex declined 241.30 points or 0.31% to 77,378.91. The Nifty 50 index fell 95 points or 0.40% to 23,431.50.

Nifty Technical

Outlook Nifty is expected to open on a gap down note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 23270. If nifty closes below that, further downside can be expected towards 23200-23140 mark. On the flip side 23500-23600 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 23270 and on a decisive close below expect a fall to 23200-23140 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 48540 levels on the downside and on a decisive close below expect a fall to 48200-48000 There is an immediate resistance at 49000-49340 level.

Technical Call Updates

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766