Nifty is expected to open gap down note and likely to witness profit booking during the day - Nirmal Bang Ltd
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Market Review:
Indian markets closed slightly lower on Friday, snapping a recent rally fueled by the U.S. interest rate cut. Energy, healthcare, and pharma sectors led the gains, while media, real estate, and private banks lagged.The S&P BSE Sensex slipped 264.27 points or 0.31% to 85,571.85. The Nifty 50 index lost 37.10 points or 0.14% to 26,178.95.
Nifty Technical Outlook
Nifty is expected to open gap down note and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 26100. If nifty closes below that, further downside can be expected towards 26000-25870 mark. On the flip side 26240-26350 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 26100 and on a decisive close below expect a fall to 26000-25870 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 54000 levels on the downside and on a decisive close below expect a fall to 53770-53500. There is an immediate resistance at 54540-54700 levels.
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