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Market Review:

Indian markets corrected on Wednesday, due to profit selling after a four-day gaining streak. Investors were bullish on realty, healthcare and consumer durables stocks, while oil & gas, metals and financial shares were out of favor. The barometer index, the S&P BSE Sensex, declined 346.89 points or 0.55% to 62,622.24. The Nifty 50 index lost 99.45 points or 0.53% to 18,534.40.

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 18470. Any move below the same may extend the fall toward 18400-18330 mark. On the flip side 18600-18700 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 18470 and on a decisive close below expect a fall to 18400-18330 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 44000 levels on the downside and on a decisive close below expect a fall to 43780-43500. There is an immediate resistance at 44500-44740 levels.

Technical Call Updates

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