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Market Review:

Indian markets snapped a three-day losing streak and ended with decent gains on Wednesday. Banks, energy and FMCG stocks were among the top gainers while pharma and media shares were subdued. The S&P BSE Sensex, was up 478.59 points or 0.84% to 57,625.91. The Nifty 50 index added 140.05 points or 0.82% to 17,123.60.

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 17000. Any move below the same may extend the fall toward 16880-16800 mark. On the flip side 17200-17280 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 17000 and on a decisive close below expect a fall to 16880-16800 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 39000 levels on the downside and on a decisive close below expect a fall to 38740-38400. There is an immediate resistance at 39420-39700 levels.

Technical Call Updates

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