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Market Review:

Indian markets ended with deep cuts on Thursday. Trading was volatile due to expiry of weekly index options on the NSE. Barring the Nifty Metal index, all the sectoral indices ended in the red. The S&P BSE Sensex fell 541.81 or 0.90% to 59,806.28. The Nifty 50 index lost 164.80 points or 0.93% to 17,589.60.

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 17470. Any move below the same may extend the fall toward 17340-17270 mark. On the flip side 17720 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 17470 and on a decisive close below expect a fall to 17340-17270 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 41000 levels on the downside and on a decisive close below expect a fall to 40770-40440. There is an immediate resistance at 41600-41920 levels.

Technical Call Updates

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