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Market Review:

Indian markets ended with small losses on Wednesday. Persistent high inflation, rising bond yields and tightening monetary policy globally weighed on investors' sentiment. The S&P BSE Sensex declined 237.44 points or 0.41% to 58,338.93. The Nifty 50 index slipped 54.65 points or 0.31% to 17,475.65.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness negative move during the day. Nifty has witnessesed selling in previous trading session. Nifty is likely to take a support of it’s 100 DMA on the downside. On technical grounds, Nifty has an immediate support at 17240. Any move below the same may extend the fall toward 17170- 17100 mark. On the flip side 17550-17620 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 17240 and on a decisive close below expect a fall to 17170-17100 levels.

Bank Nifty

Bank Nifty is consolidating from last five to six trading sessions. Bank Nifty’s next immediate support is around 37280 levels on the downside and on a decisive close below expect a fall to 37000-36780. There is an immediate resistance at 37900-38240 levels.

Technical Call Updates

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