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 closed slightly lower on Tuesday after a four-day winning streak. IT and FMCG stocks led the decline while PSU banks, auto and oil & gas stocks bucked the trend. The S&P BSE Sensex, was down 195.16 points or 0.26% to 73,677.13. The Nifty 50 index declined 49.30 points or 0.22% to 22,356.30.
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 22280. If nifty closes below that, further downside can be expected towards 22200-22140 mark. On the flip side 22440-22500 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 22280 and on a decisive close below expect a fall to 22200-22140 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 47580 levels on the downside and on a decisive close below expect a fall to 47250-47000. There is an immediate resistance at 48140-48380 levels.
Technical Call Updates
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Markets are expected to open on a flattish note and likely to remain sideways move during th...
