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Market Review:

Indian markets snapped their nine-day winning streak. The IT sector took the biggest hit. However, PSU banks, FMCG, and realty stocks managed to buck the trend. The S&P BSE Sensex declined by 520.25 points or 0.86% to 59,910.75, while the Nifty 50 index fell by 121.15 points or 0.68% to 17,706.85.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 17600. Any move below the same may extend the fall toward 17530-17450 mark. On the flip side 17770-17840 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 17600 and on a decisive close below expect a fall to 17530-17450 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 42000 levels on the downside and on a decisive close below expect a fall to 41770-41500. There is an immediate resistance at 42700-43000 levels.

Technical Call Updates

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