Nifty has an immediate Support placed at 24670 and on a decisive close below expect a fall to 24600-24540 levels - Nirmal Bang Ltd
Market Review:
Indian market benchmarks closed with modest losses today as investors adopted a cautious stance ahead of India's GDP data release. Metal, IT, and auto stocks came under pressure, while banking stocks provided some support with decent gains. The S&P BSE Sensex declined 182.01 points or 0.22% to 81,451.01. The Nifty 50 index shed 82.90 points or 0.33% to 24,750.70.
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24670. If Nifty closes below that, further downside can be expected towards 24600-24540 mark. On the flip side 24800-24870 will act as strong resistance levels.
Action: Nifty has an immediate Support placed at 24670 and on a decisive close below expect a fall to 24600-24540 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 55800 levels on the downside and on a decisive close below expect a fall to 55540-55300. There is an immediate resistance at 56340-56600 levels.
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Technical Call Updates
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Quote on Nifty by Rupak De, Senior Technical Analyst at LKP Securities
