Nifty is expected to open on a gap down note and likely to witness sideways move during the day - Nirmal Bang Ltd
Market Review:
Indian market benchmarks ended lower on Friday. Selling pressure from foreign institutional investors (FIIs) and a strengthening US dollar weighed on investor sentiment. FMCG and IT shares witnessed gains. Oil & gas stocks were among the notable losers. The S&P BSE Sensex declined 329.92 points or 0.43% to 76,190.46. The Nifty 50 index lost 113.15 points or 0.49% to 23,092.20.
Nifty Technical Outlook
Nifty is expected to open on a gap down note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 22940. If nifty closes below that, further downside can be expected towards 22870-22800 mark. On the flip side 23170-23240 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 22940 and on a decisive close below expect a fall to 22870-22800 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 48000 levels on the downside and on a decisive close below expect a fall to 47740-47500 There is an immediate resistance at 48540-48770 level.
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Quote on Nifty by Rupak De, Senior Technical Analyst at LKP Securities
