Nifty is expected to open on a gap down note and likely to witness sideways move during the day - Nirmal Bang Ltd
Market Review:
Nifty
Indian market remained volatile on Budget Day. Tax relief boosted consumption stocks (realty, autos, FMCG, consumer durables), but the market's overall reaction to the budget was largely muted. The S&P BSE Sensex added 5.39 points or 0.01% to 77,505.96. The Nifty 50 index lost 26.25 points or 0.11% to 23,482.15.
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 23340. If nifty closes below that, further downside can be expected towards 23270-23200 mark. On the flip side 23570-23640 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 23340 and on a decisive close below expect a fall to 23270-23200 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 49470 levels on the downside and on a decisive close below expect a fall to 49240-49000 There is an immediate resistance at 50000-50270 level.
Technical Call Updates
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