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Market Review:

Indian markets extended their decline for the third consecutive session on Thursday. This decline was influenced by a prevailing bearish sentiment, primarily driven by caution regarding the US debtceiling deal and signs of a slowdown in China's demand. The S&P BSE Sensex declined 128.90 points or 0.21% to 61,431.74. The Nifty 50 index lost 51.80 points or 0.28% to 18,129.95

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 18240. If nifty closes above that, further upside can be expected towards 18300-18370 mark. On the flip side 18100 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 18240 and on a decisive close above expect a rise to 18300-18370 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 44100 levels on the upside and on a decisive close above expect a rise to 44430-44740. There is an immediate support at 43450-43120 levels.

Technical Call Updates

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