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Market Review:

Indian markets gripped Dalal Street on Friday as investors hit the brakes ahead of union budget. All sectors finished lower, with metals and oil & gas taking the biggest hits. Broader market indices extended selloff.The S&P BSE Sensex, was dropped 738.81 points or 0.91% to 80,604.65. The Nifty 50 index declined 269.95 points or 1.09% to 24,530.90.

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 24400. If nifty closes below that, further downside can be expected towards 24270-24140 mark. On the flip side 24640-24700 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 24400 and on a decisive close below expect a fall to 24270-24140 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 52070 levels on the downside and on a decisive close below expect a fall to 51840-51600. There is an immediate resistance at 52570-52870 levels.

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