Nifty is expected to open on a flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd
Market Review:
Indian markets benchmarks ended marginally lower on Monday, after a volatile session. Auto stocks outperformed, while metals, realty, and IT shares faced selling. The indices have been consolidating amid a confluence of factors, including China's stimulus expectations, ongoing FII selling, geopolitical tensions, and disappointing Q2 earnings.The barometer index, the S&P BSE Sensex declined 73.48 points or 0.09% to 81,151.27. The Nifty 50 index declined 72.95 points or 0.29% to 24,781.10.
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 24700. If nifty closes below that, further downside can be expected towards 24940-25110 mark. On the flip side 24700-24600 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 24700 and on a decisive close below expect a fall to 24700-24600 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 52140 levels on the downside and on a decisive close below expect a fall to 51700-51400 There is an immediate resistance at 52400 level.
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