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Market Review:

Indian markets tumbled sharply on Wednesday on across the board selling pressure. Barring the Nifty FMCG index, all the sectoral indices on the NSE declined. Banks and financial shares tumbled. The barometer index, the S&P BSE Sensex, tumbled 937.66 points or 1.94% to 47,409.93. The Nifty 50 index lost 271.40 points or 1.91% to 13,967.50.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness negative move during the day. On technical grounds, Nifty has an immediate support at 13900. Any move below the same may extend the fall towards 13820-13750 mark. On the flip side 14000-14070 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 13900 and on a decisive close below expect a fall to 13820-13750 levels.

Bank Nifty

Bank Nifty faces an immediate support around 30000 level on the downside and on a decisive close below expect a fall to 29640-29300. There is an Immediate resistance at 30670-31000 levels.

Technical call updates

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