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 benchmarks declined on Tuesday. Sector-wise, the IT sector, heavily exposed to the US market, experienced significant losses. Auto and FMCG shares also faced downward pressure, while select financial and PSU stocks managed to eke out gains. The S&P BSE Sensex, fell 96.01 points or 0.13% to 72,989.93. The Nifty 50 index shed 36.65 points or 0.17% to 22,082.65.
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 22000. If nifty closes below that, further downside can be expected towards 21940-21870 mark. On the flip side 22140-22200 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 22000 and on a decisive close below expect a fall to 21940-21870 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 48200 levels on the downside and on a decisive close below expect a fall to 48000-47770 There is an immediate resistance at 48740-49000 level.
Technical Call Updates
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