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Market Review:

Indian markets ended flat with some positive bias on Friday. Market remained choppy throughout the session amid weak global cues ahead of the European Central Bank (ECB) meet outcome due later today. Media, IT and FMCG shares advanced while banks shares declined. The barometer index, the S&P BSE Sensex, advanced 54.81 points or 0.09% to 58,305.07. The Nifty 50 index added 15.75 points or 0.09% to 17,369.25.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 17300. Any move below the same may extend the fall towards 17230-17150 mark. On the flip side 17440-17520 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 17300 and on a decisive close below expect a fall to 17230-17150 levels.

Bank Nifty

Bank Nifty faces an immediate support around 36500 level on the downside and on a decisive close below expect a fall to 36300-36000. There is an Immediate resistance at 37000-37250 levels.

Technical Call Updates

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