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Market Review:

Indian markets declined for the third consecutive session on Friday. Selling was wide spread. Interest-rate sensitive sectors like banks, autos and realty were under pressure. Defensive plays like pharma, healthcare and FMCG outperformed the benchmarks. The barometer index, the S&P BSE Sensex, dropped 1020.80 points or 1.73% to 58,098.92. The Nifty 50 index tumbled 302.45 points or 1.72% to 17,327.35.

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 17200. Any move below the same may extend the fall toward 17100-17000 mark. On the flip side 17400-17500 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 17200 and on a decisive close below expect a fall to 17100-17000 levels

Bank Nifty

Bank Nifty’s next immediate support is around 39250 levels on the downside and on a decisive close below expect a fall to 39000-38750. There is an immediate resistance at 40000-40280 levels.

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