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 benchmarks closed marginally lower Tuesday. IT and energy sectors outperformed, while FMCG and auto sectors declined. The S&P BSE Sensex slipped 29.47 points or 0.04% to 75,967.39. The Nifty 50 index declined 14.20 points or 0.06% to 22,945.30.
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 22870. If nifty closes below that, further downside can be expected towards 22800-22740 mark. On the flip side 23000-23070 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 22870 and on a decisive close below expect a fall to 22800-22740 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 49000 levels on the downside and on a decisive close below expect a fall to 48740-48500 There is an immediate resistance at 49470-49740 level.
Technical Call Updates
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