IGI Logo

Market Review:

Indian markets benchmarks took a breather on Friday, snapping a fiveday winning streak. The Nifty slipped below 24,750, dragged down by realty, auto, and metal stocks, while pharma and healthcare bucked the trend.The S&P BSE Sensex fell 885.60 points or 1.08% to 80,981.95. The Nifty 50 index dropped 293.20 points or 1.17% to 24,717.70.

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 24300-24240 mark. On the flip side 24750-24870 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 24300-24240 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51000 levels on the downside and on a decisive close below expect a fall to 50840-50720. There is an immediate resistance at 52000-52400 levels.

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