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Market Review:

Indian markets ended with deep cuts on Wednesday, amid weak global cues. The prospect that the US Federal Reserve and other central banks will be forced to hike interest rates more aggressively has reignited fears of a global recession. Selling was wide spread with metal, media, and realty stocks declining the most. The barometer index, the S&P BSE Sensex, down 709.54 points or 1.35% to 51,822.53. The Nifty 50 index declined 225.50 points or 15,413.30.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness volatile move during the day. Nifty is likely to test it’s swing resistance of 15740 levels. On technical grounds, Nifty has an immediate resistance at 15740. If nifty closes above that, further upside can be expected towards 15870-15940 mark. On the flip side 15550-15470 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 15740 and on a decisive close above expect a rise to 15870-15940 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 33640 levels on the upside and on a decisive close above expect a rise to 34000-34270. There is an immediate support at 32840-32500 levels.

Technical Call Updates

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