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Market Review:

Indian markets ended a volatile session with modest losses on Wednesday. Traders booked profits ahead of the crucial US Fed meet outcome. Barring the Nifty FMCG index, all sectoral indices on the NSE closed in the red. The barometer index, the S&P BSE Sensex, declined 262.96 points or 0.44% to 59,456.78. The Nifty 50 index declined 97.90 points or 0.55% to 17,718.35.

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 17650. Any move below the same may extend the fall toward 17570-17500 mark. On the flip side 17830-17930 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 17650 and on a decisive close below expect a fall to 17570-17500 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 40940 levels on the downside and on a decisive close below expect a fall to 40630-40400. There is an immediate resistance at 41550-41850 levels.

Technical Call Updates

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