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Market Review:

Indian markets declined for the third straight session on Thursday amid wide spread selling pressure. However, most IT and pharma shares bucked the trend. The barometer index, the S&P BSE Sensex, fell 241.02 points or 0.39% to 60,826.22. The Nifty 50 index lost 71.75 points or 0.39% to 18,127.35.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 18070. Any move below the same may extend the fall toward 18000-17920 mark. On the flip side 18200-18270 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 18070 and on a decisive close below expect a fall to 18000-17920 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 42170 levels on the downside and on a decisive close below expect a fall to 41870-41500 There is an immediate resistance at 42740-43000 levels.

Technical Call Updates

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