Nifty is expected to open on a positive note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review:
Indian market experienced a sharp decline on Monday, with broadbased selling across sectors. Mid- and small-cap indices bore the brunt of the downturn, recording losses exceeding 4% each. Realty and metal stocks were particularly hard hit. The S&P BSE Sensex tumbled 1,048.90 points or 1.36% to 76,330.01. The Nifty 50 index slipped 345.55 points or 1.47% to 23,085.95.
Nifty Technical Outlook
Nifty is expected to open on a positive note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 23170. If nifty closes above that, further upside can be expected towards 23240-23300 mark. On the flip side 23000-22940 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 23170 and on a decisive close above expect a rise to 23240-23300 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 48540 levels on the upside and on a decisive close above expect a rise to 48770-49000 There is an immediate support at 48000-47740 levels.
Technical Call Updates
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