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Market Review:

Indian markets declined for fourth consecutive session on Friday, led by selling in banks and auto shares. Rising COVID-19 cases and mixed global cues triggered profit selling in domestic shares. The barometer index, the S&P BSE Sensex, dropped 434.93 points or 0.85% at 50,889.76. The Nifty 50 index lost 137.2 points or 0.91% at 14,981.75.

Nifty Technical Outlook

Nifty is expected to open on a flattish note likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 15050. If nifty closes above that, further upside can be expected towards 15120-15200 mark. On the flip side 14900-14800 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 15050 and on a decisive close above expect a rise to 15120-15200 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36100 levels on the upside and on a decisive close above expect a rise to 36400-36750. There is an immediate support at 35350-35000 levels.

Technical Call Updates

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