IGI Logo

Market Review:

Indian markets continued their downward spiral on Tuesday, marking the fourth consecutives day of losses.Sectors like auto, FMCG, and metals bore the brunt of the sell-off.Increased prfit-booking and mixed global signals further exacerbated the decline.The S&P Sensex slipped 820.97 points or 1.03% to 78,675.18.The Nifty 50 index lost 257.85 points or 1.07% to 23,883.45.

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 23800. If nifty closes below that, further downside can be expected towards 23740-23670 mark. On the flip side 23940-24000 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 23800 and on a decisive close below expect a fall to 23740-23670 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51000 levels on the downside and on a decisive close below expect a fall to 50740-50500 There is an immediate resistance at 51540-51770 level.

Technical Call Updates

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766