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Market Review:

Indian markets reversed early gains and closed near the day's low with modest losses on Wednesday. Traders were jittery ahead of Thursday's monthly F&O expiry on the NSE. Barring the Nifty Auto index, all sectoral indices on the NSE ended in the red. The barometer index, the S&P BSE Sensex, fell 282.63 points or 0.54% at 52,306.08. The Nifty 50 index lost 85.80 points or 0.54% at 52,306.08. The Nifty 50 index lost 85.80 points or 0.54% at 15,686.95.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 15800. If nifty closes above that, further upside can be expected towards 15900-16000 mark. On the flip side 15600-15500 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 15800 and on a decisive close above expect a rise to 15900-16000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 34870 levels on the upside and on a decisive close above expect a rise to 35150-35600. There is an immediate support at 34400-34000 levels.

Technical Call Updates

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