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Market Review:

Indian markets ended with minor cuts on Friday, extending losses for the fourth straight session. Rising bond yields and crude oil prices dented investor sentiment and stoked concerns around global growth outlook. The barometer index, the S&P BSE Sensex, dropped 101.88 points or 0.17% to 60,821.62. The Nifty 50 index lost 63.20 points or 0.35% to 18,114.90.

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 18200. If nifty closes above that, further upside can be expected towards 18300-18480 mark. On the flip side 18000-17910 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 18200 and on a decisive close above expect a rise to 18300-18480 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 40730 levels on the upside and on a decisive close above expect a rise to 41000-41300. There is an immediate support at 40100-39800 levels.

Technical Call Updates

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