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Market Review:

Indian markets crashed on Friday, correcting for the four straight session. A surge in COVID-19 infections in China and Japan dampened investors risk appetite. The barometer index, the S&P BSE Sensex tumbled 980.93 points or 1.61% to 59,845.29. The Nifty 50 index lost 320.55 points or 1.77% to 17,806.80.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness rangebound move during the day. On technical grounds, Nifty has an immediate support at 17730. Any move below the same may extend the fall toward 17650-17550 mark. On the flip side 17900-18000 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 17730 and on a decisive close below expect a fall to 17650-17550 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 41500 levels on the downside and on a decisive close below expect a fall to 41240-41000 There is an immediate resistance at 42160-42580 levels.

Technical Call Updates

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