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Market Review:

Indian markets ended near the day's low amid significant selloff on Wednesday. Banks, auto and metal shares witnessed steep selling. The barometer index, the S&P BSE Sensex, tumbled 871.13 points or 1.74% to 49,180.31. The Nifty 50 index slumped 265.35 points or 1.79% to 14,549.40.

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 support at 14470. Any move below the same may extend the fall towards 14400-14300 mark. On the flip side 14670-14830 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 14470 and on a decisive close below expect a fall to 14400-14300 levels.

Bank Nifty

Bank Nifty faces an immediate support around 33000 level on the downside and on a decisive close below expect a fall to 32740-32350. There is an Immediate resistance at 33750-34150 levels.

Technical Call Updates

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