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Market Review:

Indian markets ended with modest losses but still ended lower on Friday. Traders remained on the sidelines amid lack of major global or domestic triggers. PSU banks, realty and financial services stocks were in demand. On the other hand, autos, oil & gas and pharma stocks declined. BSE Sensex, was down 87.12 points or 0.14% to 61,663.48. The Nifty 50 index lost 36.25 points or 0.20% to 18,307.65.

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 18200. Any move below the same may extend the fall toward 18100-17970 mark. On the flip side 18440 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 18200 and on a decisive close below expect a fall to 18100-17970 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 42300 levels on the downside and on a decisive close below expect a fall to 42120-41900. There is an immediate resistance at 42650-42800 levels.

Technical Call Updates

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