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Market Review:

Indian markets ended with deep losses on Thursday, snapping a twoday rally. Trading was volatile due to expiry of weekly index options on the NSE. All the sectoral indices on the NSE ended in the red. IT, metals and PSU banks were major drags. The S&P BSE Sensex tumbled 878.88 points or 1.40% to 61,799.03. The Nifty 50 index lost 245.40 points or 1.32% to 18,414.90

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 18320. If nifty closes below that, further downside can be expected towards 18240/18170 mark. On the flip side 18470/18570 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 18320 and on a decisive close below expect a fall to 18240/18170 levels.

Bank Nifty

Bank Nifty faces an immediate support around 43400 levels on the downside and on a decisive close below expect a fall to 43200/43000. There is an immediate resistance at 43700/43900 levels.

Technical Call Updates

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