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Market Review:

Indian markets ended with significant cuts on Thursday. Investors were worried as the minutes of the US Federal Reserve's December monetary policy reinforced expectations that the US central bank is likely to continue raising interest rates going forward. The barometer index, the S&P BSE Sensex, was down 304.18 points or 0.50% to 60,353.27. The Nifty 50 index lost 50.80 points or 0.28% to 17,992.15.

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 17900. Any move below the same may extend the fall toward 17830-17750 mark. On the flip side 18100-18180 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 17900 and on a decisive close below expect a fall to 17830-17750 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 42400 levels on the downside and on a decisive close below expect a fall to 42100-41800 There is an immediate resistance at 43000-43270 levels.

Technical Call Updates

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