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Market Review:

Indian markets equity benchmarks ended with minor cuts on Thursday, extending losses to the seventh trading day in a row. Trading was volatile due to monthly F&O expiry. Healthcare, pharma and media shares advanced. On the other hand, IT, auto and financial stocks were under pressure. The Nifty 50 index lost 40.50 points or 0.24% to 16818.10. BSE Sensex, fell 188.32 points or 0.33% to 56409.96.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to remain volatile ahead of Monetary policy. On technical grounds, Nifty has an immediate resistance at 16970. If nifty closes above that, we may witness pull back rally towards 17100/17200 mark. On the flip side 16720 will act as strong support levels, below that 16600 below may be seen. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 16720 and on a decisive close below expect a fall to 16600/16540 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 37400 levels on the downside and on a decisive close below expect a fall to 37240/37100. There is an immediate resistance at 37800/38000 levels.

Technical Call Updates

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