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Market Review:

Indian markets settled with minor losses on Wednesday. The Nifty managed to close above the 18,000 mark after hitting an intraday low 17,915 in early trade. Pharma, oil & gas and auto stocks advanced while PSU banks, metals and realty shares declined. The barometer index, the S&P BSE Sensex, fell 80.63 points or 0.13% to 60,352.82. The Nifty 50 index dropped 27.05 points or 0.15% to 18,017.20.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 17950. Any move below the same may extend the fall towards 17880-17800 mark. On the flip side 18100-18170 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 17950 and on a decisive close below expect a fall to 17880-17800 levels.

Bank Nifty

Bank Nifty faces an immediate support around 38800 levels on the downside and on a decisive close below expect a fall to 38500-38240. There is an immediate resistance at 39500-39840 levels.

Technical Call Updates

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