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Market Review:

Indian markets ended with major losses on Thursday, amid weak global cues. The sentiment was weak following the rate hike concerns, as well as the Ukraine war and the latest coronavirus lockdowns in China. Banks and financial shares tumbled. The barometer index, S&P BSE Sensex fell 1,158.08 points or 2.14% at 52,930.31. The Nifty 50 index lost 359.10 points or 2.22% at 15,808.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness bounce back during the day. As long as Nifty is not closing below 15800 more selling is unlikely. After a huge sell of in past three trading session, a bounce is expected on the upside. On technical grounds, Nifty has an immediate resistance at 16000. If nifty closes above that, further upside can be expected towards 16100-16180 mark. On the flip side 15730-15670 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 16000 and on a decisive close above expect a rise to 16100-16180 levels.

Bank Nifty

After a huge sell off in yesterday’s session in Bank Nifty, a bounce back is expected in today’s session. Bank Nifty faces an immediate resistance around 34000 levels on the upside and on a decisive close above expect a rise to 34380-34750. There is an immediate support at 33200-32940 levels.

Technical Call Updates

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