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Market Review:

Indian markets extended their losing streak for the third consecutive session on Thursday. Sector-wise, realty, automobile, and consumer durables stocks led the downward trend. However, IT and public sector bank shares emerged as outliers in an otherwise bearish market. The S&P BSE Sensex, declined 494.75 points or 0.61% to 81,006.61. The Nifty 50 index slipped 221.45 points or 0.89% to 24,749.85.

Nifty Technical Outlook:

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 24640. If nifty closes below that, further downside can be expected towards 24500-24400 mark. On the flip side 24870-25000 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 24640 and on a decisive close below expect a fall to 24500-24400 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51250 levels on the downside and on a decisive close below expect a fall to 51000-50770. There is an immediate resistance at 51750-52000 levels.

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