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Market Review:

Indian market tumbled on Thursday after rising for three consecutive session dragged by losses in metal and financial stocks. A rise in US bond yields spoilt investor sentiment globally. The barometer index, the BSE Sensex, lost 598.57 points or 1.16% at 50,846.08. The Nifty index declined 164.85 points or 1.08% at 15,080.75.

Nifty Technical Outlook

Nifty is expected to open with gap down likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 14970. Any move below the same may extend the fall towards 14900-14770 mark. On the flip side 15140-15200 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 14970 and on a decisive close below expect a fall to 14920-14870 levels.

Bank Nifty

Bank Nifty faces an immediate support around 35470 level on the downside and on a decisive close below expect a fall to 35060-34780. There is an Immediate resistance at 36360-36840 levels.

Technical Call Updates

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