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Market Review:

Indian markets ended with deep cuts on Friday. Investors exercised caution ahead of US and domestic inflation data. Investors will keenly monitor Q3 earnings in India.The S&P BSE Sensex declined 452.90 points or 0.75% to 59,900.37. The Nifty 50 index lost 132.70 points or 0.74% to 17,859.45.

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 17970. If nifty closes above that, further upside can be expected towards 18120-18240 mark. On the flip side 17750-17640 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 17970 and on a decisive close above expect a rise to 18120-18240 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 42500 levels on the upside and on a decisive close above expect a rise to 42780-43200. There is an immediate support at 41990-41630 levels

Technical Call Updates

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