Nifty is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review:
Indian market benchmark indices closed with marginal gains on Monday. Healthcare, pharma and consumer durables stocks were in demand. On the other hand, media, IT and auto shares were weak. The S&P BSE Sensex, advanced 57.65 points or 0.08% to 75,996.86. The Nifty 50 index added 30.25 points or 0.13% to 22,959.50.
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 22900. If nifty closes below that, further downside can be expected towards 22840-22770 mark. On the flip side 23040-23100 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 22900 and on a decisive close below expect a fall to 22840-22770 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 49200 levels on the downside and on a decisive close below expect a fall to 49000-48740 There is an immediate resistance at 49740-50000 level.
Technical Call Updates
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