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Market Review:

Indian markets extended losses for the fourth straight session on Wednesday. Media, realty and consumer durables shares tumbled. On the other hand, FMCG and PSU banks bucked the trend. The barometer index, the S&P BSE Sensex, was down 215.68 points or 0.34% to 62,410.68. The Nifty 50 index lost 82.25 points or 0.44% to 18,560.50.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 18500. Any move below the same may extend the fall toward 18430-18350 mark. On the flip side 18640-18730 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 18500 and on a decisive close below expect a fall to 18430-18350 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 43000 levels on the downside and on a decisive close below expect a fall to 42770-42500 There is an immediate resistance at 43520-43710 levels.

Technical Call Updates

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