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Market Review:

Indian markets slumped on Friday, led by steep selling in banks stocks. The Nifty closed below the crucial 14,400 mark. The S&P BSE Sensex, tumbled 746.22 points or 1.5% at 48,878.54. The Nifty 50 index dropped 218.45 points or 1.5% at 14,371.90.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 14450. If nifty closes above that, further upside can be expected towards 14540-14650 mark. On the flip side 14300-14180 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 14450 and on a decisive close above expect a rise to 14540-14650 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 31500 levels on the upside and on a decisive close above expect a rise to 31770-32000. There is an immediate support at 31000-30740 levels.

Technical call updates

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