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Market Review:

Indian markets slumped on Friday. Global cues were negative as investors were cautious ahead of the US inflation data expected later today. All the sectoral indices on the NSE ended in the red. Financial services, IT and oil & gas shares witnessed major selling pressure. The S&P BSE Sensex, was tumbled 1,016.84 points or 1.84% to 54,303.44. The Nifty 50 index fell 276.30 points or 1.68% to 16,201.80.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. Nifty has taken the resistance of its 50 DMA and witnessed selling pressure from higher levels. On technical grounds, Nifty has an immediate support at 16000. Any move below the same may extend the fall toward 15840-15750 mark. On the flip side 16230-16300 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 16000 and on a decisive close below expect a fall to 15840-15750 levels.

Bank Nifty

Bank Nifty has taken the resistance of its 100 DMA in the previous sessions and has witnessed selling from those levels. Bank Nifty’s next immediate support is around 34000 levels on the downside and on a decisive close below expect a fall to 33680-33230. There is an immediate resistance at 34600-34810 levels.

Technical Call Updates

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