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Market Review:

Indian markets ended with modest losses on Thursday, dragged by IT, consumer durables and pharma stocks. On the other hand, banks and auto shares bucked the weak market trend. The barometer index, the S&P BSE Sensex, dropped 581.21 points or 1% at 57,276.94. The Nifty 50 index fell 167.80 points or 0.97% at 17,110.15.

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 support at 17000. Any move below the same may extend the fall toward 16900-16800 mark. On the flip side 17240-17370 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17000 and on a decisive close below expect a fall to 16900-16800 levels.

Bank Nifty

Bank Nifty faces an immediate support around 37500 levels on the downside and on a decisive close below expect a fall to 37130-36840. There is an immediate resistance at 38330-38700 levels.

Technical Call Updates

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