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Market Review

.Indian markets ended with small losses after a volatile session on Wednesday. Cement, media, pharma and healthcare stocks advanced while autos and banks shares tumbled. The barometer index, the S&P BSE Sensex, declined 168.08 points or 0.28% to 59,028.91. The Nifty 50 index lost 31.20 points or 0.18% to 17,624.40.

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 17700. If nifty closes above that, further upside can be expected towards 17780-17850 mark. On the flip side 17550-17470 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 17700 and on a decisive close above expect arise to 17780-17850 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 40000 levels on the upside and on a decisive close above expect a rise to 40300-40550. There is an immediate support at 39350-39000 levels.

Technical Call Updates

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