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Market Review:

Indian markets ended ended with modest losses on Friday. PSU Bank and consumer durables shares advanced. On the flip side, media, pharma and healthcare stocks witnessed a bit of a selling pressure. the S&P BSE Sensex slipped 365.53 points or 0.56% to 65,322.65. The Nifty 50 index lost 114.80 points or 0.59% to 19,428.30.

Nifty Technical Outlook

Nifty is expected to open with gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 19370. Any move below the same may extend the fall toward 19300-19240 mark. On the flip side 19520 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 19370 and on a decisive close below expect a fall to 19300-19240 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 44300 levels on the downside and on a decisive close below expect a fall to 44170-43950. There is an immediate resistance at 44680-44900 levels.

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