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Market Review:

Indian markets ended a choppy session near the flat line with some negative bias on Wednesday. Investors looked ahead to the U.S. consumer price index report due on Thursday for more clues on the rate-hike trajectory. The S&P BSE Sensex declined 9.98 points or 0.02% to 60,105.50. The Nifty 50 index shed 18.45 points or 0.10% to 17,895.70.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness up move during the day. On technical grounds, Nifty has an immediate resistance at 17900. If nifty closes above that, further upside can be expected towards 17970-18070 mark. On the flip side 17840-17770 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 17900 and on a decisive close above expect a rise to 17970-18070 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 42480 levels on the upside and on a decisive close above expect a rise to 42660-43100 There is an immediate support at 41890-41560 levels.

Technical Call Updates

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