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Market Review:

Indian markets ended lower on Wednesday, due to fag-end selling in absence of any major trigger. However, banks and FMCG shares bucked the trend. The barometer index, the S&P BSE Sensex, declined 151.60 points or 0.25% to 61,033.55. The Nifty 50 index shed 45.80 points or 0.25% to 18,157.

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 18140. Any move below the same may extend the fall toward 18070-18000 mark. On the flip side 18330-18450 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 18140 and on a decisive close below expect a fall to 18070-18000 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 41730 levels on the downside and on a decisive close below expect a fall to 41500-41250. There is an immediate resistance at 42180-42500 levels.

Technical Call Updates

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