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Market Review:

Indian markets benchmarks ended with modest losses on Thursday. Barring IT sector, most sectoral indices on he NSE ended in the red with FMCG index shedding 1%.The S&P BSE Sensex declined 236.18 points or 0.29% to 81,289.96. The Nifty 50 index fell 93.10 points or 0.38% to 24,548.70.

Nifty Technical Outlook

Nifty is expected to open on a gap down note and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 24440. If nifty closes below that, further downside can be expected towards 24370-24300 mark. On the flip side 24600-24700 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 24440 and on a decisive close below expect a fall to 24370-24300 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 53000 levels on the downside and on a decisive close below expect a fall to 52740-52500 There is an immediate resistance at 53740-54000 level.

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