Nifty is expected to open on a negative note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets continued their downward trend on Thursday,making the sixth consecutive day of losses.FMCG,PSU banks, and pharma shares fell,while auto,media, and realty stocks gained.The S&P BSE Sensex declined 110.64 points or 0.14% to 77,580.31.The Nifty 50 index lost 26.35 points or 0.11% to 23,532.70.
Nifty Technical Outlook
Nifty is expected to open on a negative note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 23440. If nifty closes below that, further downside can be expected towards 23370-23300 mark. On the flip side 23600-23700 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 23440 and on a decisive close below expect a fall to 23370-23300 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 50000 levels on the downside and on a decisive close below expect a fall to 49740-49500 There is an immediate resistance at 50540-50770 level.
Technical Call Updates
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