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 advanced on Thursday, with the Nifty closing above 22,500 despite morning jitters. Weekly options expiry kept things volatile, but bank and IT stocks provided a lift. The S&P BSE Sensex gained 350.81 points or 0.47% to 74,227.63. The Nifty 50 index added 80 points or 0.36% to 22,514.65.
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 22440. If nifty closes below that, further downside can be expected towards 22370-22240 mark. On the flip side 22640-22770 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 22440 and on a decisive close below expect a fall to 22370-22240 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 48150 levels on the downside and on a decisive close below expect a fall to 47970-47740. There is an immediate resistance at 48380-48550 levels.
Technical Call Updates
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