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Market Review:

Indian markets ended with big losses on Friday, dragged by weakness in Axis Bank, Reliance Industries and Infosys. Media, oil & gas and auto shares tumbled. The S&P BSE Sensex lost 460.19 points or 0.8% at 57,060.87. The Nifty 50 index fell 142.5 points or 0.83% to 17,102.55.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. Nifty was trading between the averages from past five trading sessions, but in the Fridays trading session Nifty has broken the support of all its averages. On technical grounds, Nifty has an immediate support at 16970. Any move below the same may extend the fall toward 16880-16800 mark. On the flip side 17200- 17330 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 16970 and on a decisive close below expect a fall to 16880-16800 levels.

Bank Nifty

Bank Nifty has given the closing below its 50 DMA. This was the last average support for Bank Nifty. Bank Nifty’s next immediate support is around 35800 levels on the downside and on a decisive close below expect a fall to 35520-35150. There is an immediate resistance at 36540-37000 levels

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