Nifty is expected to open on a flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets continued their downward trend on Wednesday. Nifty 50 Index was weighed down by losses in the auto and IT shares. However, realty, energy, and financial services stocks advanced. The S&P BSE Sensex declined 318.76 points or 0.39% to 81,501.36. The Nifty 50 index lost 86.05 points or 0.34% to 24,971.30.
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 24900. If nifty closes below that, further downside can be expected towards 24800-24730 mark. On the flip side 25070-25150 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 24900 and on a decisive close below expect a fall to 24800-24730 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 51800 levels on the downside and on a decisive close below expect a fall to 51500-51270. There is an immediate resistance at 52370-52640 levels.
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