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Market Review:

Indian markets plummeted on Thursday, mirroring a mixed trend in global markets. The benchmark Nifty index crashed below the 23,920 level, primarily driven by a sharp decline in IT and auto stocks. The S&P BSE Sensex tumbled 1,190.34 points or 1.48% to 79,043.74. The Nifty 50 index dropped 360.75 points or 1.49% to 23,914.15.

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 resistance at 24000. If nifty closes above that, further upside can be expected towards 24070-24140 mark. On the flip side 23840-23770 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action:

Nifty has an immediate resistance placed at 24000 and on a decisive close above expect a rise to 24070-24140 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 52550 levels on the upside and on a decisive close above expect a rise to 52770-53000 There is an immediate support at 52000-51740 levels.

Technical Call Updates

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