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Market Review:

Indian markets ended near the day's low after a volatile session on Friday. Sharpsell-off in the last hour of trade forced the equity benchmarks to pare all gains and edge lower. The Nifty closed below 15,800 level. Auto, FMCG and pharma shares rose while metal, financial services and bank stocks corrected. BSE Sensex fell 136.69 points or 0.26% at 52,793.62 . The Nifty 50 index lost 25.85 points or 0.16% at 15,782.15

Nifty Technical Outlook

Nifty is expected to open on flattish note and expected to trade sideways during the day. Technically, Nifty is trading in pattern of lower tops and lower bottom pattern suggesting potential downside. Nifty has an immediate support at 15720 level. If its fails to hold the support then we may witness more selling pressure towards 15670/15600. As long as Nifty trades below 15840/870 on closing basis bounce back rally may not be seen. On the flip side 15840-15870 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 15870 and on a decisive close above expect a rise to 15940/16000 levels.

Bank Nifty

After a huge sell off in yesterday’s session in Bank Nifty, a bounce back is expected in today’s session if Bank Nifty manages to hold 33000 mark. Bank Nifty faces an immediate resistance around 33800/34000 levels on the upside and on a decisive close above expect a rise to 34380-34750. There is an immediate support at 33000-32840 levels.

Technical Call Updates

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