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 ended flat today despite a volatile session triggered by fresh allegations against SEBI chief by Hindenburg. PSU banks and FMCG shares declined. On the other hand, realty and consumer durables shares bucked the trend. The S&P BSE Sensex fell 56.99 points or 0.07% to 79,648.92. The Nifty 50 index declined 20.50 points or 0.08% to 24,347.
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 24270. Any move below the same may extend the fall toward 24200-24130 mark. On the flip side 24440-24550 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 24270 and on a decisive close below expect a fall to 24200-24130 levels
Bank Nifty
Bank Nifty’s next immediate support is around 50470 levels on the downside and on a decisive close below expect a fall to 50140-49870. There is an immediate resistance at 51000-51340 levels.
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