The short-term trend of Nifty continues to be negative. Having placed the long-term support at the lows, there is a possibility of a small upside bounce from near 19,100-19,000 levels. A breakdown of 19,000 is likely to open the next downside of 18,600 levels in the near term. Any upside bounce from here could find strong resistance around 19,250-19,350 levels, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
NTPC Q2 Results: Net profit grows 14% to Rs 5,380 crore
The Board of Directors also approved the first interim dividend of Rs 2.50 on the face value of paid-up equity shares of Rs 10 each