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Market Review:

Indian markets tumbled on Friday, extending losses for the third trading session. Private banks and IT shares declined while PSU banks and pharma shares climbed. The S&P BSE Sensex slumped 677.77 points or 1.13% to 59,306.93. The Nifty 50 index fell 185.60 points or 1.04% to 17,671.65.

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 17750. If nifty closes above that, further upside can be expected towards 17840-17930 mark. On the flip side 17600-17500 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 17840-17930 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39640 levels on the upside and on a decisive close above expect a rise to 40000-40330. There is an immediate support at 39000-38720 levels.

Technical Call Updates

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