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 ended lower on Tuesday amid mixed global cues. Leading the declines were shares in the auto, metal and pharma sectors. However, there were some bright spots, with shares in the realty, media and consumer durables sectors gaining ground. The S&P BSE Sensex was down 152.93 points or 0.19% to 81,820.12. The Nifty 50 index fell 70.60 points or 0.28% to 25,057.35.
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 24970. If nifty closes below that, further downside can be expected towards 24900-24800 mark. On the flip side 25140-25200 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 24970 and on a decisive close below expect a fall to 24900-24800 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 51840 levels on the downside and on a decisive close below expect a fall to 51500-51270. There is an immediate resistance at 52340-52670 levels.
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