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Market Review:

Indian markets ended three-day winning streak came to a halt on Thursday, Despite the overall downturn, IT and FMCG stocks managed to secure gains, while the pharma and healthcare stocks succumbed to losses.The S&P BSE Sensex declined 180.96 points or 0.28% to 65,252.34. The Nifty 50 index lost 57.30 points or 0.29% to 19,386.70.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 19300. Any move below the same may extend the fall toward 19200-19130 mark. On the flip side 19450-19540 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 19300 and on a decisive close below expect a fall to 19200-19130 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 44400 levels on the downside and on a decisive close below expect a fall to 44200-44000. There is an immediate resistance at 44870-45180 levels

Technical Call Updates

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