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Market Review:

Indian markets ended with deep cuts on Thursday. Banks, autos and realty shares tumbled. However, metals and consumer durable stocks bucked the weak market trend. The barometer index, the S&P BSE Sensex, declined 433.13 points or 0.72% at 59,919.69. The Nifty 50 index lost 143.60 points or 0.80% to close at 17,873.60

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 17850. If nifty closes above that, further upside can be expected towards 17930-18000 mark. On the flip side 17800-17720 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 17850 and on a decisive close above expect a rise to 17930-18000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39000 levels on the upside and on a decisive close above expect a rise to 39280-39500. There is an immediate support at 38330-38000 levels.

Technical Call Updates

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