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Market Review:

Indian market ended with steep losses on Thursday amid weak global cues. The BSE Sensex slipped below the psychological mark of 60,000 while the Nifty fell below the crucial 18,000 mark. All sectoral indices on the NSE closed in the red with realty, metal, PSU banks stocks losing the most. The S&P BSE Sensex, declined 1,158.6. points or 1.89% to 59,984.70. The Nifty 50 index fell 353.70 points or 1.94% to 17,857.25.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, The Nifty declined below the crucial levels of 17940 and closed below it. The index faces crucial hurdles at 18040-18100 levels on the upside. On the flip side 17770-17700 will act as strong support levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17830 and on a decisive close below expect a fall to 17770-17700 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39700 levels on the upside and on a decisive close above expect a rise to 40040-40300. There is an immediate support at 39300-39000 levels.

Technical Call Updates

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