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Market Review:

Indian markets end with deep losses on Thursday, declining for the second consecutive day. The Sensex and the Nifty lost about 0.7% each as a lack of fresh trigggers and subdued global cues weighed on the sentiment. Trading was volatile due to the expiry of weekly index options on the Nse. Pharma and technology counters were under pressure. The Nifty 50 index declined 126.35 points or 0.70% to 17,877.40. The S&P BSE Sensex, declined 412.96 points or 0.68% to 59,934.01.

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 17770. Any move below the same may extend the fall toward 17620-17550 mark. On the flip side 17940-18040 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 17770 and on a decisive close below expect a fall to 17620-17550 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 41400 levels on the downside and on a decisive close below expect a fall to 40960-40700. There is an immediate resistance at 41650-41900 levels.

Technical Call Updates

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