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 markets benchmarks tumbled for the fourth consecutive day on Thursday, fueled by negative global sentiment. The Nifty 50 index struggled to hold the 24,950 mark, as IT and financial services stocks tanked. Conversely, pharma and healthcare stocks bucked the trend and attracted buying interest. The S&P BSE Sensex tumbled 964.15 points or 1.20% to 79,218.05. The Nifty 50 index dropped 247.15 points or 1.02% to 23,951.70.
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 23840. If nifty closes below that, further downside can be expected towards 23770-23700 mark. On the flip side 24000-24140 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 23840 and on a decisive close below expect a fall to 23770-23700 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 51240-51000 There is an immediate resistance at 52000-52240 level.
Technical Call Updates
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