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 took a breather today, ending almost flat. Consumer durables, financial services and banks shares shares advanced, while media, metal and realty shares declined. The S&P BSE Sensex, shed 4.40 points or 0.01% to 82,555.44. The Nifty 50 index added 1.15 points to 25,279.85.
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 25140. If nifty closes below that, further downside can be expected towards 25000-24870 mark. On the flip side 25370-25500 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 25140 and on a decisive close below expect a fall to 25000-24870 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 51500 levels on the downside and on a decisive close below expect a fall to 51240-51000. There is an immediate resistance at 52000-52340 levels.
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