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Market Review:

Indian markets ended with deep cuts on Friday, mirroring weak global cues. Investors dumped shares as major central banks across the globe raised their policy rates by half a percent while maintaining a hawkish tone on inflation. The barometer index, the S&P BSE Sensex tumbled 461.22 points or 0.75% to 61,337.81. The Nifty 50 index lost 145.90 points or 0.79% to 18,269.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 18340. If nifty closes above that, further upside can be expected towards 18400-18500 mark. On the flip side 18200-18130 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 18340 and on a decisive close above expect a rise to 18400-18500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 43570 levels on the upside and on a decisive close above expect a rise to 43850-44140. There is an immediate support at 43000-42770 levels.

Technical Call Updates

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