Nifty is expected to open on a gap up and likely to witness positive move during the day - Nirmal Bang Ltd
Market Review:
Indian market endured a brutal blow, closing deep in the red for the third straight session, as traders were left nursing staggering losses. A global sell-off—driven by escalating trade tensions and rising fears of a U.S. recession—sent tremors through Dalal Street, leaving investor sentiment severely bruised. The S&P BSE Sensex plummeted 2,226.79 points, or 2.95%, to close at 73,137.90, while the Nifty 50 nosedived 742.85 points, or 3.24%, settling at 22,161.60
Nifty Technical Outlook
Nifty is expected to open on a gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 22,570. If Nifty closes below that, further upside can be expected towards 22,640/22,700 mark. On the flip side 22,200/21,700 will act as strong support levels.
Action: Nifty has an immediate Resistance placed at 22,570 and on a decisive close above expect a rise to 22,640/22,700 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 51,500 levels on the upside and on a decisive close above expect a rise to 52,000/52400 There is an immediate support at 49200/48700 levels.
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