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 clawed their way back from early losses to close slightly higher on Monday. Despite some weakness in IT, FMCG and consumer durables stocks. Investors seem to be in a wait-and-see mode ahead of the US Federal Reserve’s interest rate decision on Wednesday.The S&P BSE Sensex gained 104.99 points or 0.14% to 72,748.42. The Nifty 50 index rose 32.35 or 0.15% to 22,055.70.
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 21940. Any move below the same may extend the fall toward 21830-21750 mark. On the flip side 22150-22240 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 22040 and on a decisive close below expect a fall to 21940-21870 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 46340 levels on the downside and on a decisive close below expect a fall to 45930-45600. There is an immediate resistance at 47000-47300 levels.
Technical Call Updates
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