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Market Review:

Indian markets closed on Thursday with losses. Oil & gas, PSU banks and realty were under pressure while metals, media and financial services stocks advanced. The barometer index, the S&P BSE Sensex slipped 284.26 points or 0.45% at 63,238.89. The Nifty 50 index lost 85.60 points or 0.45% at 18,771.25

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 18700. Any move below the same may extend the fall toward 18620-18550 mark. On the flip side 18850-18930 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 18700 and on a decisive close below expect a fall to 18620-18550 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 43440 levels on the downside and on a decisive close below expect a fall to 43100-42820. There is an immediate resistance at 44000-44240 levels.

Technical Call Updates

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