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 today, with the Nifty 50 regaining 22,000 mark. Realty, metals and media shares were in demand. The Fed's dovish stance on interest rates, coupled with India's strong PMI reading lifted spirits.The S&P BSE Sensex gained 539.50 points or 0.75% to 72,641.19. The Nifty 50 index added 172.85 points or 0.79% to 22,011.95.
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 21940. If nifty closes below that, further downside can be expected towards 21870-21800 mark. On the flip side 22100-22140 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 21940 and on a decisive close below expect a fall to 21870-21800 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 46570 levels on the downside and on a decisive close below expect a fall to 46340-46000. There is an immediate resistance at 47100-47370 levels.
Technical Call Updates
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