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Market Review:

Indian markets settled with minor losses after a lackluster trading session on Wednesday. However, the tone was on the positive side amid firmness in select index majors. Auto, oil & gas and select PSU banks advanced while pharma and FMCG were subdued after last week's big up move. BSE Sensex slipped 17.15 points or 0.03% to 60,910.28. The Nifty 50 index lost 9.80 points or 0.05% to 18,122.50

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness rangebound move during the day. On technical grounds, Nifty has an immediate support at 18000. Any move below the same may extend the fall toward 17920/17900 mark. On the flip side 18100-18170 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 18000 and on a decisive close below expect a fall to 17920/17900 levels.

Bank Nifty

Bank Nifty Bank Nifty’s next immediate support is around 42640 levels on the downside and on a decisive close below expect a fall to 42500/42300 There is an immediate resistance at 43000/43200 levels.

Technical Call Updates

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