Nifty is expected to open on flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd
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Market Review:
Indian markets surged on Wednesday despite mixed global cues. Led by gains in consumer durables, and private banks. Investors seemed optimistic, buoyed by strong economic fundamentals. However, PSU banks, IT, and media stocks closed lower.The S&P BSE Sensex jumped 526.01 points or 0.73% to 72,996.31. The Nifty 50 index gained 118.95 points or 0.54% to 22,123.65.
Nifty Technical Outlook
Nifty is expected to open on flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 22040. If nifty closes below that, further downside can be expected towards 21940-21870 mark. On the flip side 22200-22270 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 22040 and on a decisive close below expect a fall to 21940-21870 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 46640 levels on the downside and on a decisive close below expect a fall to 46480-46100. There is an immediate resistance at 46940-47100 levels.
Technical Call Updates
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