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Market Review:

Indian market extended losses for the fourth trading session on Wednesday. Barring the Nifty Auto index, all the sectoral indices ended in the red. The barometer index, the S&P BSE Sensex, dropped 329.06 points or 0.57% at 57,788.03. The Nifty 50 index lost 103.50 points or 0.60% at 17,221.40.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 17270. If nifty closes above that, further upside can be expected towards 17340-17400 mark. On the flip side 17160-17090 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 17270 and on a decisive close above expect a rise to 17340-17400 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36870 levels on the upside and on a decisive close above expect a rise to 37000-37220. There is an immediate support at 36660-36500 levels.

Technical Call Updates

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