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Market Review:

Indian markets ended with small losses on Wednesday. A sharp rise in crude oil prices spooked investors. The jump in oil prices threatens to upend India's fiscal math and economic projections. Banks shares advanced while IT and healthcare shares declined. The barometer index, the S&P BSE Sensex, was down 185.24 points or 0.33% to 55,381.17. The Nifty 50 index fell 61.80 points or 0.37% to 16,522.75.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. Nifty is facing a strong resistance of 16,700 level from the last 3 trading session. On technical grounds, Nifty has an immediate support at 16450. Any move below the same may extend the fall toward 16330-16250 mark. On the flip side 16640-16750 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 16450 and on a decisive close below expect a fall to 16330-16250 levels.

Bank Nifty

Bank Nifty has taken a resistance of its 50 DMA in the last two trading sessions. Till the time Bank Nifty does not cross 35800 levels on closing basis new buying will not come. Bank Nifty’s next immediate support is around 35330 levels on the downside and on a decisive close below expect a fall to 35000-34740. There is an immediate resistance at 36000-36270 levels.

Technical Call Updates

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