Nifty immediate support is at 23500 then 23400 zones while resistance at 23750 then 23900 zones - Motilal Oswal Wealth Management
Morning Market Outlook
* Market is expected to open on a weak note due to concerns over escalating global trade tensions between the U.S., China and other countries, continued selling by FIIs, and a record high USD/INR exchange rate, which may dampen market sentiment.
* Asian markets are showing mixed reactions following U.S. President Donald Trump's announced to impose of a 25% tariff on all steel and aluminium imports, a move that has led to declines in metal prices.
* On Friday, the U.S. market fell by 1% after President Trump stated that he would unveil reciprocal tariffs on nations that impose taxes on U.S. imports later this week, alongside mixed economic data.
* The GIFT Nifty declined by 50 points. Results Today – Varun Beverages, Grasim, Eicher Motors, CRISIL, Nalco, Escorts Kubota, Bata India and Sun Pharma.
NIFTY (CMP : 23560) :
Nifty immediate support is at 23500 then 23400 zones while resistance at 23750 then 23900 zones. Now it has to hold above 23500 zones for an up move towards 23750 then 23900 zones whereas supports are placed at 23500 then 23400 zones.
BANK NIFTY (CMP : 50159)
Bank Nifty support is at 50000 then 49750 zones while resistance at 50500 then 50750 zones.Now it has to hold above 50000 zones for a bounce towards 50500 then 50750 levels while on the downside support is seen at 50000 then 49750 zones.
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