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Market Review:

Indian markets snapped two-day rising streak and ended with steep losses on Wednesday. The Nifty closed below the crucial 14,700 mark. Banks, financials and IT shares tumbled while FMCG and metal stocks were in demand. The barometer index, the S&P BSE Sensex, tumbled 627.43 points or 1.25% at 49,509.15. The Nifty 50 index dropped 154.40 points or 1.04% at 14,690.15.

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 14780. If nifty closes above that, further upside can be expected towards 14870-15000 mark. On the flip side 14600-14500 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 14780 and on a decisive close above expect a rise to 14870-15000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 33850 levels on the upside and on a decisive close above expect a rise to 34250-34600. There is an immediate support at 33180-32850 levels.

Technical Call Updates

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