IGI Logo

Market Review: 

Indian market benchmarks closed with modest losses yesterday as a global sell-off followed President Trump’s steeper-than-expect tariff hike. IT stocks took a hit on growth concerns and potential cuts in client spending, while pharma stocks outperformed after being spared from the new tariffs. The S&P BSE Sensex tumbled 322.08 points or 0.42% to 76,295.36. The Nifty 50 index shed 82.25 points or 0.35% to 23,250.10.

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 23140. If Nifty closes below that, further downside can be expected towards 23070-23000 mark. On the flip side 23300-23400 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 23140 and on a decisive close below expect a fall to 23070-23000 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51540 levels on the downside and on a decisive close below expect a fall to 51200-51000 There is an immediate resistance at 52000-52270 levels.

Technical Call Updates

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH00000176