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Market Review:

Indian markets witnessed steep losses in the intraday, the domestic equity benchmarks bounced back in late trade and ended almost flat on Friday. Metal stocks tumbled after China announced plans to release its state reserves of copper, aluminum and zinc to ensure stable prices of commodities. The barometer index, the S&P BSE Sensex, rose 21.12 points or 0.04% to 52,344.45. The Nifty 50 index lost 8.05 points or 0.05% to 15683.35.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 15500. Any move below the same may extend the fall towards 15370-15250 mark. On the flip side 15800-15920 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 15500 and on a decisive close below expect a fall to 15370-15250 levels.

Bank Nifty

Bank Nifty faces an immediate support around 34150 level on the downside and on a decisive close below expect a fall to 33800-33370. There is an Immediate resistance at 35000-35370 levels.

Technical Call Updates

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