On technical grounds, Nifty has an immediate support at 23100 - Nirmal Bang Ltd
Market Review:
Indian market ended with modest losses on Friday, snapping a threeday winning streak. The Nifty index closed below the 23,210 mark, weighed down by weakness in the IT and banking shares. Concerns over rising crude oil prices and a depreciating rupee added to investor worries. Persistent selling by foreign institutional investors further exacerbated the downward pressure. The S&P BSE Sensex, tumbled 423.49 points, or 0.55% to 76,619.33. The Nifty 50 index lost 108.60 points or 0.47% to 23,203.20.
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 23100. If nifty closes below that, further downside can be expected towards 23000/22920 mark. On the flip side 23300-23370 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 23100 and on a decisive close below expect a fall to 23000-22920 levels.
Bank Nifty
Bank Nifty’s next immediate support is around 48400 levels on the downside and on a decisive close below expect a fall to 48000-47800 There is an immediate resistance at 49170-49500.
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