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Market Review:

Indian markets ended near the flat line on Wednesday. FMCG shares advanced along with IT and metal stocks. The barometer index, the S&P BSE Sensex, slipped 14.77 points or 0.03% to 55,944.21. The Nifty 50 index added 10.05 points or 0.06% to 16,634.65, its record closing high.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 16550. Any move below the same may extend the fall towards 16440-16350 mark. On the flip side 16700-16770 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 16550 and on a decisive close below expect a fall to 16440-16350 levels.

Bank Nifty

Bank Nifty faces an immediate support around 35450 level on the downside and on a decisive close below expect a fall to 35200-35000. There is an Immediate resistance at 35850-36100 levels.

Technical Call Updates

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