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Market Review:

Indian markets market remained jittery for a fourth day, surrendering early gains as banking and finance stocks faltered. Last-minute buying helped pare some losses, but overall sentiment stayed fragile due to negative global cues. The S&P BSE Sensex fell 280.16 points or 0.35% to 80,148.88. The Nifty 50 index shed 65.55 points or 0.27% 24,413.50.

Nifty Technical Outlook

Nifty is expected to open gap down note and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 24240. If nifty closes below that, further downside can be expected towards 24140-24070 mark. On the flip side 24500-24570 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 24240 and on a decisive close below expect a fall to 24140-24070 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 50870 levels on the downside and on a decisive close below expect a fall to 50370-50000. There is an immediate resistance at 51940-52470 levels.

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