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Market Review:

Indian markets ended lower on Thursday, tracking negative Asian cues. Weak domestic economic data also spoiled sentiment. Media, pharma and healthcare shares were in demand. On the other hand, banks and financial services shares were under pressure. S&P BSE Sensex, declined 390.58 points or 0.68% to 57,235.33. The Nifty 50 index lost 109.25 points or 0.64% to 17,014.35.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at at 17300. Any move above the same may extend the pull back rally toward 17370/17470 mark. On the flip side 17170/17000 will act as strong support levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 17300 and on a decisive close above expect a rise to 17370/17470 levels.

Bank Nifty

Bank Nifty’s next immediate resistance around 39200 levels on the upside and on a decisive close above expect a rise to 39370-39500 There is an immediate support at 38600-38400 levels.

Technical Call Updates

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