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Market Review:

Indian markets ended with steep losses on Thursday. Barring the Nifty IT index, all the sectoral indices on the NSE closed in the red. Weak global cues triggered selling in domestic shares. The barometer index, the S&P BSE Sensex, skid 485.82 points or 0.92% at 52,568.94. The Nifty 50 index slipped 151.75 points or 0.96% at 15,727.90.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 15640. Any move below the same may extend the fall towards 15550-15470 mark. On the flip side 15800-15900 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 15640 and on a decisive close below expect a fall to 15550-15470 levels.

Bank Nifty

Bank Nifty faces an immediate support around 35100 level on the downside and on a decisive close below expect a fall to 34850-34500. There is an Immediate resistance at 35740-36000 levels.

Technical Call Updates

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