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Market Review:

Indian markets ended a volatile session with deep losses on Wednesday. Negative global cues triggered profit selling in large caps. However, small and mid-caps stocks witnessed buying. The S&P BSE Sensex fell 566.09 points or 0.94% at 59,610.59. The Nifty 50 index shed 149.75 points or 0.83% at 17,807.75.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. Nifty has shown profit booking in yesterday’s trading session. Nifty is likely to test the gap on the downside. On technical grounds, Nifty has an immediate support at 17710. Any move below the same may extend the fall toward 17630-17550 mark. On the flip side 17900-18000 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 17710 and on a decisive close below expect a fall to 17630-17550 levels.

Bank Nifty

Bank Nifty has taken an important support of the gap in yesterday’s trading session. Bank Nifty’s next immediate support is around 37500 levels on the downside and on a decisive close below expect a fall to 37190-36880. There is an immediate resistance at 38000-38280 levels.

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