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Market Review:

Indian market ended with steep losses on Wednesday, sliding for the session. PSU banks and auto shares bucked weak market trend while private banks and metal shares shares tumbled. The barometer index, the S&P BSE Sensex, dropped 471.01 points or 0.96 at 48,690.80. The Nifty 50 index lost 154.25 points or 1.04% at 14,696.50.

Nifty Technical Outlook

Nifty is expected to open on flattish note and likely to witness range bound session during the day. Technically, Nifty is facing a strong resistance of 14740 levels. Going ahead if Nifty manages to cross the mentioned range then only we may some extension in pull back rally towards 14830-14900. On the flip side 14550-14470 may act as a strong support

Action: Nifty has an immediate resistance placed at 14740 and on a decisive close above expect a rise to 14830-14900 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 32750 levels on the upside and on a decisive close above expect a rise to 32980-33200. There is an immediate support at 32360-32190 levels.

Technical Call Updates

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