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Market Review:

Indian markets ended with significant decline on Wednesday. PSU banks, metals, and auto shares slumped, while FMCG and healthcare stocks defied the trend and showed resilience. The barometer index, the S&P BSE Sensex tumbled 676.53 points or 1.02% to 65,782.78. The Nifty 50 index lost 207 points or 1.05% to 19,526.55.

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 19440. Any move below the same may extend the fall toward 19370-19300 mark. On the flip side 19600-19700 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 19440 and on a decisive close below expect a fall to 19370-19300 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 44800 levels on the downside and on a decisive close below expect a fall to 44500-44240. There is an immediate resistance at 45500-45770 levels.

Technical Call Updates

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