Nifty is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets suffered a significant setback on Thursday,erasing recent gains and closing the day in the red.The sell-off widespread,but metal stocks bore the brunt of the decline.The S&P Sensex dropped 836.34 points or 1.04% to 79,541.79.The Nifty 50 fell 284.70 points or 1.16% to 24,199.35
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24140. If nifty closes below that, further downside can be expected towards 24070-24000 mark. On the flip side 24270-24340 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 24140 and on a decisive close below expect a fall to 24070-24000 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 52000 levels on the downside and on a decisive close below expect a fall to 51740-51500 There is an immediate resistance at 52540-52870 level.
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