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Market Review:

Indian markets ended with tiny losses on Friday. Cement stocks crashed as UltraTech's capex plan sparked competition fear. Autos, metals and banks shares tumbled. However, IT and oil & gas shares bucked the trend. The barometer index, the S&P BSE Sensex, fell 48.88 points or 0.09% to 55,769.23. The Nifty 50 index slipped 43.70 points or 0.26% to 16,584.30.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. Nifty has witnessed a selling pressure in the second half of Friday. On technical grounds, Nifty has an immediate support at 16500. Any move below the same may extend the fall toward 16420-16350 mark. On the flip side 16650-16730 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 16500 and on a decisive close below expect a fall to 16420-16350 levels.

Bank Nifty

Bank Nifty could not sustain its 50-DMA and has witnessed a sell off in Friday’s session. Bank Nifty’s next immediate support is around 35000 levels on the downside and on a decisive close below expect a fall to 34680-34350. There is an immediate resistance at 35740-36000 levels.

Technical Call Updates

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