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Market Review:

Indian markets ended with small losses after a volatile session on Wednesday. Auto, financials, and pharma stocks advanced while metal, oil & gas, and realty stocks declined. The barometer index, the S&P BSE Sensex, declined 152.18 points or 0.29% to 52,541.39. The Nifty 50 index lost 39.95 points or 0.25% to 15,692.15.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. After a huge sell off in the recent sessions a bounce back is expected in the coming days. On technical grounds, Nifty has an immediate resistance at 15770. If nifty closes above that, further upside can be expected towards 15840-15920 mark. On the flip side 15630-15550 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 15770 and on a decisive close above expect a rise to 15840-15920 levels.

Bank Nifty

Bank Nifty is currently trading sideways and a bounce back rally is expected in this index. Bank Nifty faces an immediate resistance around 33650 levels on the upside and on a decisive close above expect a rise to 34000-34280. There is an immediate support at 33150- 32900 levels.

Technical Call Updates

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