Nifty is expected to open gap down and likely to witness profit booking during the day - Nirmal Bang Ltd
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Market Review:
Indian markets took a tumble today, mirroring the downbeat mood in other Asian stock markets. Inflation worries flared up again after hot US inflation data squashed hopes of an interest rate cut in June. Every sector felt the pain, with pharma, PSU banks, and oil & gas shares leading the way down.The S&P BSE Sensex, was dropped 793.25 points or 1.06% to 74,244.90. The Nifty 50 index fell 234.40 points or 1.03% to 22,519.40.
Nifty Technical Outlook
Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 22400. If nifty closes below that, further downside can be expected towards 22340-22270 mark. On the flip side 22570-22640 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 22400 and on a decisive close below expect a fall to 22340-22270 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 48500 levels on the downside and on a decisive close below expect a fall to 48340-48200. There is an immediate resistance at 48760-48860 levels.
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