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Market Review

Indian markets ended with deep cuts on Thursday, tracking weak global cues. IT, oil & gas and healthcare stocks declined. On the other hand, realty, PSU banks and auto shares bucked the trend. The barometer index, the S&P BSE Sensex, tumbled 770.48 points or 1.29% to 58,766.59. The Nifty 50 index lost 216.50 points or 1.22% to 17,542.80.

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 17350-17250 mark. On the flip side 17670-17750 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 17350-17250 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 39420 levels on the downside and on a decisive close below expect a fall to 39100-38740. There is an immediate resistance at 40000-40280 levels.

Technical Call Updates

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