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Market Review:

Indian market ended lower on Wednesday, tracking negative global cues. The index lost momentum and slipped into the red in midafternoon trade. Private banks and metal shares dragged while PSU banks and IT shares advanced. The barometer index, the S&P BSE Sensex, fell 206.93 points or 0.34% at 61,143.33. The Nifty 50 index was down 57.45 points or 0.31% at 18,210.95.

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 18270. If nifty closes above that, further upside can be expected towards 18340-18400 mark. On the flip side 18170-18140 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 18270 and on a decisive close above expect a rise to 18340-18400 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 41050 levels on the upside and on a decisive close above expect a rise to 41270-41570. There is an immediate support at 40740-40530 levels.

Technical Call Updates

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