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Market Review:

Indian markets ended with modest losses on Friday. Pharma and healthcare shares advanced while metals, media and consumer durables shares declined. The barometer index, the S&P BSE Sensex slipped 259.52 points or 0.41% at 62,979.37. The Nifty 50 index lost 105.775 points or 0.56% at 18,665.50.

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 18600. Any move below the same may extend the fall toward 18500-18420 mark. On the flip side 18730-18800 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 18600 and on a decisive close below expect a fall to 18500-18420 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 43340 levels on the downside and on a decisive close below expect a fall to 43000-42770. There is an immediate resistance at 43840-44150 levels.

Technical Call Updates

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