Nifty is expected to open gap down and likely to witness selling pressure during the day - Nirmal Bang Ltd
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Market Review:
Indian markets experienced significant volatility on Thursday, extending their losing streak to a fourth consecutive day. Sectors such as healthcare, oil & gas, and FMCG corrected sharply. The S&P BSE Sensex, was slipped 454.69 points or 0.62% to 72,488.99. The Nifty 50 index lost 152.05 points or 0.69% to 21,995.85.
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 21700. If nifty closes below that, further downside can be expected towards 21620-21540 mark. On the flip side 22140-22270 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 21700 and on a decisive close below expect a fall to 21620-21540 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 46840 levels on the downside and on a decisive close below expect a fall to 46470-46200. There is an immediate resistance at 47740-48000 levels.
Technical Call Updates
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