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Market Review:

Indian market ended near the day's low with modest losses on Wednesday. The Nifty slipped below the crucial 16,000 level after hitting the day high of 16,140. Pharma, healthcare and FMCG stocks advanced. On the other hand, oil & gas, private banks and financial services stocks declined. Sensex, down 372.46 points or 0.69% to 53,514.15. The Nifty 50 index fell 91.65 points or 0.57% to 15,966.65.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness volatile move during the day. Nifty is facing the selling pressure at 16240. On technical grounds, Nifty has an immediate support at 15900. Any move below the same may extend the fall toward 15840- 15800 mark. On the flip side 16040-16130 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 16040 and on a decisive close above expect arise to 16130/16270 levels.

Bank Nifty

Bank Nifty next immediate support is around 34700 levels on the downside and on a decisive close below expect a fall to 34400-34200. There is an immediate resistance at 35170-35500 levels.

Technical Call Updates

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