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 extended their losing streak on Wednesday, with the Nifty 50 index slipping into correction territory.Realty,PSU banks and metal shares tumbled. However, FMCG, and IT shares bucked the trend.The S&P BSE Sensex tumbled 984.23 points or 1.25% to 77,690.95.The Nifty 50 index declined 324.40 points or 1.36% to 23,559.60.
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 23500. If nifty closes below that, further downside can be expected towards 23440-23370 mark. On the flip side 23650-23700 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 23500 and on a decisive close below expect a fall to 23440-23370 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 50000 levels on the downside and on a decisive close below expect a fall to 49740-49500 There is an immediate resistance at 50540-50770 level.
Technical Call Updates
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