Nifty is expected to open on a gap down and likely to witness sideways move during the day - Nirmal Bang Ltd
Market Review:
Indian market ended lower amid profit booking, with the Nifty 50 holding the 23,500 level. Among sectors, except FMCG, oil & gas, all other indices ended in the red. The Sensex declined 191.51 points, or 0.25%, to close at 77,414.92, while the Nifty 50 settled 72.60 points, or 0.31%, lower at 23,519.35.
Nifty Technical Outlook
Nifty is expected to open on a gap down and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 23370. If Nifty closes below that, further downside can be expected towards 23300-23240 mark. On the flip side 23600-23700 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 23370 and on a decisive close below expect a fall to 23300-23240 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 51600 levels on the downside and on a decisive close below expect a fall to 51370-51140 There is an immediate resistance at 52000-52270 levels.
Technical Call Updates
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