Nifty is expected to open on flattish note and likely to witness sideways move during the day - Nirmal Bang Ltd
Market Review:
Indian markets ended on a flattish note. IT stocks witnessed profit booking. LTIMindtree Ltd dropped 3.00%, Infosys Ltd fell 2.95% and Coforge Ltd shed 2.92%. In other indices, Nifty Realty index increased 1.76% and Nifty Auto index increased 1.67% on the day. In broad markets, the Nifty 50 witnessed a rise of 0.39% to close at 22096.75 while the SENSEX increased 0.26% to close at 72831.94.
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 22000. If nifty closes below that, further downside can be expected towards 21870-21800 mark. On the flip side 22200-22300 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 22000 and on a decisive close below expect a fall to 21870-21800 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 46670 levels on the downside and on a decisive close below expect a fall to 46400-46000. There is an immediate resistance at 47140-47350 levels.
Technical Call Updates
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