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Market Review:

Indian markets snapped four day rising streak and ended with deep losses on Friday. Heavy selling in private banks and HDFC twins kept indices in the red throughout the day. The barometer index, the S&P BSE Sensex, slumped 983.58 points or 1.98% at 48,782.36. The Nifty 50 index slipped 263.80 points or 1.77% at 14,631.10

Nifty Technical Outlook

Nifty is expected to open gap down likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 14500. Any move below the same may extend the fall towards 14370-14250 mark. On the flip side 14700-14800 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 14500 and on a decisive close below expect a fall to 14370-14250 levels.

Bank Nifty

Bank Nifty faces an immediate support around 32600 level on the downside and on a decisive close below expect a fall to 32200-31750. There is an Immediate resistance at 33400-33870 levels.

Technical Call Updates

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