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Market Review:

Indian markets corrected on Wednesday as mixed global cues triggered profit selling. The Nifty ended near the 15,200 mark. PSU banks were in demand while pharma and IT shares witnessed selling pressure. The S&P BSE Sensex, tumbled 400.34 points or 0.77% at 51,703.83. The Nifty 50 index lost 104.55 points or 0.68% at 15,208.90.

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 15300. If nifty closes above that, further upside can be expected towards 15380-15450 mark. On the flip side 15140-15050 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 15300 and on a decisive close above expect a rise to 15380-15450 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 37300 levels on the upside and on a decisive close above expect a rise to 37650-38000. There is an immediate support at 36730-36450 levels.

Technical Call Updates

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