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Market Review:

Indian markets reversed intraday gains and settled with sharp losses on Wednesday. Auto and IT stocks tumbled while private banks and oil & gas stocks bucked the trend. The barometer index, the S&P BSE Sensex, dropped 323.34 points or 0.55% at 58,340.99. The Nifty 50 index lost 88.30 points or 0.50% at 17,415.05.

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 17310. Any move below the same may extend the fall towards 17200-17130 mark. On the flip side 17500-17620 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 17310 and on a decisive close below expect a fall to 17200-17130 levels.

Bank Nifty

Bank Nifty faces an immediate support around 36500 levels on the downside and on a decisive close below expect a fall to 36230-36000. There is an immediate resistance at 37770-38000 levels.

Technical Call Updates

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