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Market Review:

Indian markets ended almost flat after a volatile session on Friday. Consumer durables and media stocks advanced while oil & gas and IT shares declined. The barometer index, the S&P BSE Sensex, shed 30.81 points or 0.05% to 58,191.29. The Nifty 50 index lost 17.15 points or points or 0.1% to 17,314.65.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 17070. Any move below the same may extend the fall toward 16940-16850 mark. On the flip side 17300-17380 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 17070 and on a decisive close below expect a fall to 16940-16850 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 39000 levels on the downside and on a decisive close below expect a fall to 38710-38500. There is an immediate resistance at 39500-39840 levels.

Technical Call Updates

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