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Market Review:

Indian markets ended with minor losses on Wednesday. Pharma, FMCG and oil & gas stocks. supported the indices while banks and metal stocks dragged. The S&P BSE Sensex, fell 145.37 points or 0.25% at 57,996.68. The Nifty 50 index slipped 30.25 points or 0.17% at 17,322.20.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. In yesterday’s session, after a positive move in the first half. Nifty sharply pared gains in the second half because of global cues. On technical grounds, Nifty has an immediate resistance at 17450. If nifty closes above that, further upside can be expected towards 17570-17700 mark. On the flip side 17230-17100 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 17450 and on a decisive close above expect a rise to 17570-17700 levels.

Bank Nifty

Bank Nifty managed to sustain & took a support of it’s 100 DMA. Bank Nifty faces an immediate resistance around 38330 levels on the upside and on a decisive close above expect a rise to 38750-39000. There is an immediate support at 37630-37350 levels.

Technical Call Updates

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