Nifty is expected to open on a negative note and likely to witness volatile move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets suffered a significant downturn on Thursday, with the Nifty50 plunging over 2% in its worst single-day performance in two months. All sectoral indices on the NSE closed in the red, with realty, auto, and energy stocks leading the decline. The S&P BSE Sensex slumped 1,769.19 points or 2.10% to 82,497.10. The Nifty 50 index tumbled 546.80 points or 2.12% to 25,250.10
Nifty Technical Outlook
Nifty is expected to open on a negative note and likely to witness volatile move during the day. On technical grounds, Nifty has an immediate support at 25170. If nifty closes below that, further downside can be expected towards 25100-25000 mark. On the flip side 25330-25400 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 25170 and on a decisive close below expect a fall to 25100-25000 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 52000 levels on the downside and on a decisive close below expect a fall to 51740-51470. There is an immediate resistance at 52640-52800 levels.
Technical Call Updates
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