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Market Review:

Indian markets ended a volatile session with steep losses on Wednesday, led by weakness in banks and auto shares. A sharp round of profit selling in afternoon trade dragged the benchmarks lower. All the sectoral indices on the NSE ended in the red. The barometer index, the S&P BSE Sensex, slipped 333.93 points or 0.64% at 51,941.64. The Nifty 50 index lost 104.75 points or 0.67% at 15,635.35

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 resistance at 15750. If nifty closes above that, further upside can be expected towards 15900-16000 mark. On the flip side 15500-15400 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 15750 and on a decisive close above expect a rise to 15900-16000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35400 levels on the upside and on a decisive close above expect a rise to 35750-36000. There is an immediate support at 34600-34300 levels.

Technical Call Updates

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