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Market Review:

Indian markets ended with steep losses on Thursday. IT, auto and banks shares witnessed major selling. The barometer index, The barometer index, the S&P BSE Sensex declined 501.73 points or 0.84% to 58,909.35. The Nifty 50 index lost 129 points or 0.74% to 17,321.90.

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 17400. If nifty closes above that, further upside can be expected towards 17500-17580 mark. On the flip side 17250-17180 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 17400 and on a decisive close above expect a rise to 17500-17580 levels.

Bank Nifty

Bank Nifty

Bank Nifty faces an immediate resistance around 40880 levels on the upside and on a decisive close above expect a rise to 41140-41500. There is an immediate support at 40400-40180 levels.

Technical Call Updates

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