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Market Review:

Indian markets experienced moderate losses for the second day in a row on Wednesday, primarily due to weak global sentiment. Autos and FMCG stocks performed well realty and IT stocks witnessed a decline. The S&P BSE Sensex slipped 371.83 points or 0.60% to 61,560.64. The Nifty 50 index lost 104.75 points or 0.57% to 18,181.75

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 43960 levels on the upside and on a decisive close above expect a rise to 44200-44540. There is an immediate support at 43470-43230 levels.

Technical Call Updates

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