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Market Review:

Indian markets extended losses for the second straight session today due to renewed worries of US Fed rate hike. Weakness in banks and financial stocks weighed on the benchmark indices lower. The barometer index, the S&P BSE Sensex, fell 311.03 points or 0.51% to 60,691.54. The Nifty 50 index lost 99.60 points or 0.56% to 17,844.60.

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 17780. Any move below the same may extend the fall toward 17700-17600 mark. On the flip side 17930-18000 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 17780 and on a decisive close below expect a fall to 17700-17600 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 40500 levels on the downside and on a decisive close below expect a fall to 40240-40000. There is an immediate resistance at 41000-41180 levels.

Technical Call Updates

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