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Market Review:

Indian markets ended with modest losses on Wednesday as firm crude oil prices and negative Asian stocks spoiled investors sentiment. FMCG and IT stocks bucked weak market trend. The barometer index, the S&P BSE Sensex, fell 271.07 points or 0.51% to 52,501.98. The Nifty 50 index lost 101.70 points or 0.64% to 15,767.55.

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 15700. Any move below the same may extend the fall towards 15600-15500 mark. On the flip side 15850-15930 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 15700 and on a decisive close below expect a fall to 15600-15500 levels.

Bank Nifty

Bank Nifty faces an immediate support around 34870 level on the downside and on a decisive close below expect a fall to 34500-34220. There is an Immediate resistance at 35370-35650 levels.

Technical Call Updates

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