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 lower on Friday. Metals, consumer durables, and FMCG stocks saw buying interest. Conversely, the auto, healthcare, and pharma sectors experienced selling pressure. The S&P BSE Sensex, tumbled 424.90 points or 0.56% to 75,311.06. The Nifty 50 index declined 117.25 points or 0.51% to 22,795.90.
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 22700. If nifty closes below that, further downside can be expected towards 22640-22570 mark. On the flip side 22870-23000 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 22700 and on a decisive close below expect a fall to 22640-22570 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 48770 levels on the downside and on a decisive close below expect a fall to 48540-48300 There is an immediate resistance at 49340-49670 level.
Technical Call Updates
Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH00000176
Tag News
Market is expected to open on a flattish note and likely to witness range bound move during ...
More News
Morning Market Quote : The Market is facing headwinds from relentless FII selling and global...
