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Market Review:

Indian markets reversed early gains and settled with modest losses on Wednesday. PSU banks and media stocks were hammered. However, metals and pharma stocks bucked the trend. The barometer index, the S&P BSE Sensex declined 344.29 points or 0.59% to 57,555.90. The Nifty 50 index fell 71.15 points or 0.42% to 16,972.15.

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 17080 If nifty closes above that, further upside can be expected towards 17140-17220 mark. On the flip side 16870-16800 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 17080 and on a decisive close above expect a rise to 17140-17220 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39500 levels on the upside and on a decisive close above expect a rise to 39770-40000 There is an immediate support at 39000-38780 levels.

Technical Call Updates

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