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Market Review:

Indian markets ended with modest losses on Wednesday. After hovering near the flat line for most part of the day, the benchmarks tumbled in the last hour of the session. Realty, pharma and oil & gas stocks tumbled while auto and healthcare stocks bucked the trend. The barometer index, the S&P BSE Sensex, lost 314.04 points or 0.52% to 60,008.33. The Nifty 50 index fell 100.55 points or 0.56% to 17,898.65.

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 17800. Any move below the same may extend the fall towards 17730-17640 mark. On the flip side 18000-18100 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17800 and on a decisive close below expect a fall to 17730-17640 levels.

Bank Nifty

Bank Nifty faces an immediate support around 37840 levels on the downside and on a decisive close below expect a fall to 37500-37230. There is an immediate resistance at 38500-38880 levels.

Technical Call Updates

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