Nifty has an immediate support placed at 24800 and on a decisive close below expect a fall to 24740-24670 levels - Nirmal Bang Ltd
Market Review:
Indian market benchmarks declined sharply on Tuesday, ending their two-day winning streak. Auto, IT, and FMCG stocks were among the biggest drags on the indices. The S&P BSE Sensex tanked 624.82 points or 0.76% to 81,551.63. The Nifty 50 index slipped 174.95 points or 0.70% to 24,826.20.
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 24800. If Nifty closes below that, further downside can be expected towards 24740-24670 mark. On the flip side 24940-25000 will act as strong resistance levels.
Action: Nifty has an immediate support placed at 24800 and on a decisive close below expect a fall to 24740-24670 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 55140 levels on the downside and on a decisive close below expect a fall to 54870-54600 There is an immediate resistance at 55640-55870 levels.
Technical Call Updates
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