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Market Review:

Indian markets witnessed a sharp decline on Thursday, after a fourday rising streak. IT, realty and banks stocks declined while auto, media and consumer durables stocks advanced. The barometer index, the S&P BSE Sensex, dropped 621.31 points or 1.03% at 59,601.84. The Nifty 50 index shed 179.35 points or 1% at 17,745.90.

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 17660. Any move below the same may extend the fall toward 17550-17470 mark. On the flip side 17830-17900 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17660 and on a decisive close below expect a fall to 17550-17470 levels.

Bank Nifty

Bank Nifty faces an immediate support around 37300 levels on the downside and on a decisive close below expect a fall to 37000-36730. There is an immediate resistance at 38000-38340 levels.

Technical Call Updates

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