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Market Review:

Indian markets settled lower on Friday, dragged by weakness in IT stocks. PSU banks and realty stocks also witnessed profit selling. On the other hand, FMCG, pharma and healthcare stocks bucked the trend. The Nifty 50 index lost 112.75 points or 0.61% to 18,496.60. The S&P BSE Sensex, declined 389.01 points or 0.62% to 62,181.67.

Nifty Technical Outlook

Nifty is expected to open on a gap down note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 18370. If nifty closes above that, further downside can be expected towards 18300/18240 mark. On the flip side 18570-18670 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 188370 and on a decisive close below expect a fall to 18300/18240 levels.

Bank Nifty

Bank Nifty faces an immediate support around 43550 levels on the downside and on a decisive close below expect a fall to 43340/43200. There is an immediate resistance at 43900/44200 levels.

Technical Call Updates

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