Nifty is expected to open on a gap down note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets ended lower on Wednesday, snapping a two-day rally, as mixed global cues and concerns about domestic economic growth weighed on investor sentiment. Media and FMCG stocks, however, bucked the trend and ended higher. The S&P BSE Sensex, declined 426.85 points or 0.53% to 79,942.18. The Nifty 50 index lost 126 points or 0.51% to 24,340.85.
Nifty Technical Outlook
Nifty is expected to open on a gap down note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24250. If nifty closes below that, further downside can be expected towards 24160-24100 mark. On the flip side 24430-24540 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 24250 and on a decisive close below expect a fall to 24160-24100 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 51300-51000 There is an immediate resistance at 52000-52440 level.
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