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Market Review:

Indian markets ended with steep losses on Wednesday, snapping gains in the past two sessions. Selling was wide spread with metals, pharma and PSU banks shares declining the most. The barometer index, the S&P BSE Sensex, plunged 555.15 points or 0.93% to 59,189.73. The Nifty 50 index tumbled 176.30 points or 0.99% to 17,646.

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 17750. If nifty closes above that, further upside can be expected towards 17820-17900 mark. On the flip side 17550-17440 will act as strong support levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 17750 and on a decisive close above expect a rise to 17820-17900 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 38000 levels on the upside and on a decisive close above expect a rise to 38250-38500. There is an immediate support at 37400-37150 levels.

Technical Call Updates

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