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Market Review:

Indian markets ended with modest losses on Wednesday. Autos and financial shares declined while realty, consumer durables and metal shares advanced. The S&P BSE Sensex, fell 68.62 points or 0.12% at 57,232.06. The Nifty 50 index declined 28.95 points or 0.17% at 17,063.25.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. Nifty is likely to break it’s important support level of 200 DMA. Nifty has an immediate support at 16700. Any move below the same may extend the fall toward 16550-16460 mark. On the flip side 17150-17280 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 16700 and on a decisive close below expect a fall to 16550-16460 levels.

Bank Nifty

Bank Nifty was taking a support of it’s 50 DMA levels and was well placed above it. Today, Bank Nifty will be testing it’s 200 DMA levels for the third time in today’s session. Bank Nifty’s next immediate support is around 37000 levels on the downside and on a decisive close below expect a fall to 36640-36350. There is an immediate resistance at 37700-38000 levels.

Technical Call Updates

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