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Market Review:

Indian markets ended a volatile session with deep cuts on Wednesday. Investors were cautious as the US Federal Open Market Committee (FOMC) will release the minutes of the December policy meeting tonight. Metals, PSU banks and realty shares tumbled. The barometer index, the S&P BSE Sensex tumbled 636.75 points or 1.04% to 60,657.45. The Nifty 50 index lost 189.60 points or 1.04% to 18,042.95.

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 17960. Any move below the same may extend the fall toward 17880-17800 mark. On the flip side 18130-18200 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 17960 and on a decisive close below expect a fall to 17880-17800 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 42870 levels on the downside and on a decisive close below expect a fall to 42610-42300 There is an immediate resistance at 43550-43800 levels.

Technical Call Updates

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