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 plunged on Monday,with the Nifty50 closing below the 24,000 level.All sectoral indices on the NSE ended the day in the red,signaling a broad based sell-off.The realty,oil & gas, and media sectors were particularly hard hit.The S&P BSE Senesex, tanked 941.88 points or 1.18% to 78,782.24.The Nifty %0 index dropped 309 points or 1.27% to 23995.35
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 23900. If nifty closes below that, further downside can be expected towards 23840-23770 mark. On the flip side 24070-24150 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 23900 and on a decisive close below expect a fall to 23840-23770 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 51240 levels on the downside and on a decisive close below expect a fall to 51000-50770 There is an immediate resistance at 51740-52000 level.
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