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Market Review:

Indian markets ended nearly 2% on Friday, tracking dismal global cues. IT stocks continued to lose investors favour as the Nifty IT index dropped 3.71% today. Interest-rate sensitive realty stocks collapsed. Auto stocks corrected sharply after recent strong gains. The barometer index, the S&P BSE Sensex, slumped 1,093.22 points or 1.82% to 58,840.79. The Nifty 50 index crashed 346.55 points or 1.94% to 17,530.85.

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 17440. Any move below the same may extend the fall toward 17350-17270 mark. On the flip side 17600-17700 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 17440 and on a decisive close below expect a fall to 17350-17270 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 40500 levels on the downside and on a decisive close below expect a fall to 40240-40000. There is an immediate resistance at 41200-41500 levels.

Technical Call Updates

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