IGI Logo

Market Review:

Indian markets closed lower for the third day in a row on Wednesday. IT stocks advanced, but pharma, healthcare, and auto shares faced declines. Mixed global cues and relentless FII selling contributed to the volatility. In the barometer index, the S&P BSE Sensex declined 138.74 points or 0.17% to 80,081.98. The Nifty 50 index shed 36.60 points or 0.15% to 24,435.50.

Nifty Technical Outlook

Nifty is expected to open on gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 25100. If nifty closes above that, further upside can be expected towards 25170-25250 mark. On the flip side 24940-24860 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 25100 and on a decisive close above expect a rise to 25170-25250 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 52000 levels on the upside and on a decisive close above expect a rise to 52340-52500 There is an immediate support at 51700-51540 levels.

Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766