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Market Review:

Indian markets ended with modest losses on Wednesday, amid profit selling after steep gains. The Nifty managed to hold the 17,000 mark. Realty shares soared while IT and metal shares corrected. The barometer index, the S&P BSE Sensex, fell 214.18 points or 0.37% at 57,338.21. The Nifty 50 index lost 55.95 points or 0.33% at 17,076.25.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 17130. If nifty closes above that, further upside can be expected towards 17200-17300 mark. On the flip side 17000-16930 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 17130 and on a decisive close above expect a rise to 17200-17300 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 37000 levels on the upside and on a decisive close above expect a rise to 37300-37550. There is an immediate support at 36440-36180 levels.

Technical Call Updates

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