Nifty is expected to open on a negative note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review:
Indian market benchmark indices closed with strong gains for the second day in a row on Thursday, driven by positive global cues and falling crude oil prices. Energy, metal, and pharma stocks led the rally, while realty shares faced some pressure. The S&P BSE Sensex surged 609.86 points, or 0.83%, to 74,349.09. The Nifty 50 index added 207.40 points, or 0.93%, to 22,544.70.
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 22470. If nifty closes below that, further downside can be expected towards 22400-22340 mark. On the flip side 22600-22700 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 22470 and on a decisive close below expect a fall to 22400-22340 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 48500 levels on the downside and on a decisive close below expect a fall to 48240-48000 There is an immediate resistance at 49000-49270 level.
Technical Call Updates
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