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Market Review:

Indian markets ended sharply on Wednesday. IT, PSU banks, metals, and realty stocks tumbled while private banks, insurance and financial stocks bucked the trend. The barometer index, the S&P BSE Sensex, declined 303.35 points or 0.56% to 53,749.26. The Nifty 50 index fell 99.35 points or 0.62% to 16,025.80.

Nifty Technical Outlook

during the day. Fresh buying will emerge once Nifty closes above 16500 levels. Nifty is continuously facing a resistance around 16400 levels. On technical grounds, Nifty has an immediate resistance at 16100. If nifty closes above that, further upside can be expected towards 16170-16300 mark. On the flip side 15950-15850 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 16100 and on a decisive close above expect a rise to 16170-16300 levels.

Bank Nifty

Bank Nifty is taking the gap resistance around 35000 levels. Strong buying will be seen once we witness a closing above 35000 levels. Bank Nifty faces an immediate resistance around 34600 levels on the upside and on a decisive close above expect a rise to 35000-35270. There is an immediate support at 34000-33730 levels.

Technical Call Updates

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