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Market Review:

Indian market ended with steep losses on Friday with the Nifty slipping below its crucial 17,000 mark. Barring the Nifty IT index, all the sectoral indices on the NSE ended in the red. The barometer index, the S&P BSE Sensex, tumbled 889.40 points or 1.54% at 57,011.74. The Nifty 50 index lost 263.20 points or 1.53% at 16,985.20.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 16900. Any move below the same may extend the fall toward 16820-16740 mark. On the flip side 17100-17180 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 16900 and on a decisive close below expect a fall to 16820-16740 levels.

Bank Nifty

Bank Nifty faces an immediate support around 35400 levels on the downside and on a decisive close below expect a fall to 35120-34800. There is an immediate resistance at 36000-36340 levels

Technical Call Updates

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