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Market Review:

Indian markets ended a volatile session with modest losses on Wednesday. Market turned volatile after the RBI hiked the key repo rate by 50 basis points to 4.90%. Shares of realty, media and PSU banks advanced while FMCG, oil & gas and consumer durables stocks declined. The S&P BSE Sensex declined 214.85 points or 0.39% to 54,892.49. The Nifty 50 index fell 60.10 points or 0.37% to 16,356.25.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness negative move during the day. Till the time Nifty does not cross it’s 50 DMA on closing basis, fresh buying will not be seen. On technical grounds, Nifty has an immediate support at 16270. Any move below the same may extend the fall toward 16180-16100 mark. On the flip side 16430- 16500 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 16270 and on a decisive close below expect a fall to 16180-16100 levels.

Bank Nifty

Bank Nifty is continuously taking the resitance of its 50-DMA. Bank Nifty’s next immediate support is around 34750 levels on the downside and on a decisive close below expect a fall to 34500-34230. There is an immediate resistance at 35280-35640 levels.

Technical Call Updates

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