Nifty is expected to open on a gap down note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review:
Indian market benchmarks closed slightly lower on Thursday. Metals, PSU banks, and energy stocks saw increased demand, while banking and financial services stocks faced selling pressure. The S&P BSE Sensex, slipped 203.22 points or 0.27% to 75,735.96. The Nifty 50 index shed 19.75 points or 0.09% to 22,913.15.
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 22800. If nifty closes below that, further downside can be expected towards 22740-22670 mark. On the flip side 23000-23070 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 22800 and on a decisive close below expect a fall to 22740-22670 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 49200 levels on the downside and on a decisive close below expect a fall to 49000-48740 There is an immediate resistance at 49740-50000 leve
Technical Call Updates
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Fundamental Stock Pick : Mahindra and Mahindra Financial Services Ltd by Nirmal Band Ltd
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