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Market Review:

Indian markets ended with deep cuts on Wednesday. The Nifty closed a tad below the 17,900 level after opening near the 18,100 mark. Weak global cues and sluggish growth outlook from companies spooked investors. Relentless selling by FIIs also dented sentiment. The S&P BSE Sensex tumbled 773.69 points or 1.27% to 60,205.06. The Nifty 50 index lost 226.35 points or 1.25% to 17,891.95.

Nifty Technical Outlook

Nifty is expected to open with gap up and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 18000. If nifty closes above that, further upside can be expected towards 18100/18200 mark. On the flip side 17870/17800 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 18000 and on a decisive close above expect a rise to 18100/18200levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 42200 levels on the upside and on a decisive close above expect a rise to 42500 There is an immediate support at 41300/41000 levels.

Technical Call Updates

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