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Market Review:

Indian markets ended with minor cuts on Thursday. Consumer durables, realty and FMCG shares advanced, whereas pharma and healthcare stocks declined. The barometer index, the S&P BSE Sensex fell 35.68 points or 0.06% to 61,904.52. The Nifty 50 index lost 18.10 points or 0.1% to 18,297.

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 18220. Any move below the same may extend the fall toward 18130-18050 mark. On the flip side 18370-18440 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 18220 and on a decisive close below expect a fall to 18130-18050 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 43280 levels on the downside and on a decisive close below expect a fall to 43000-42750. There is an immediate resistance at 43640-44000 levels.

Technical Call Updates

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