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Market Review:

Indian markets declined for the fourth straight session on Wednesday. On the other hand, IT, autos and FMCG shares tumbled. The barometer index, S&P BSE Sensex fell 276.46 points or 0.51% at 54,088.39. The Nifty 50 index lost 72.95 points or 0.45% at 16,167.10.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness sideways move during the day. As long as Nifty is not closing above 16200 fresh buying is unlikely. On technical grounds, Nifty has an immediate support at 16000. Any move below the same may extend the fall toward 15870-15800 mark. On the flip side 16250-16330 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 15870-15800 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 34500 levels on the downside and on a decisive close below expect a fall to 34150-33800. There is an immediate resistance at 35000-35350 levels

Technical Call Updates

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