Nifty is expected to open on a positive note and likely to witness bounce back rally may be seen during the day - Nirmal Bang Ltd
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Market Review:
Indian markets continued their downward spiral on Monday, marking their seventh consecutive session of losses.The sharp decline was primarily driven by a sell-ff in IT and energy stocks.However, metals and FMCG sectors managed to buck the Negative trend.The S&P Sensex declined 241.30 points or 0.31% to 77,339.01.The Nifty 50 index lost 78.90 points or 0.34% to 23,453.80.
Nifty Technical Outlook
Nifty is expected to open on a positive note and likely to witness bounce back rally may be seen during the day. On technical grounds, Nifty has an immediate resistance at 23540. If nifty closes above that, further upside can be expected towards 23600-23670 mark. On the flip side 23400-23320 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.
Action:
Nifty has an immediate resistance placed at 23540 and on a decisive close above expect a rise to 23600-23670 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 50770 levels on the upside and on a decisive close above expect a rise to 51000-51240 There is an immediate support at 50200-50000 levels.
Technical Call Updates
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