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Market Review:

Indian markets ended with minor cuts on Wednesday. After recording heavy losses in the afternoon trade, the benchmarks sharply pared losses in late trade. PSU banks and metal shares rallied while IT and FMCG shares declined. while IT and FMCG shares declined. The barometer index, the S&P BSE Sensex, declined 85.40 points or 0.16% to 51,849.48. The Nifty 50 index gained 1.35 points or 0.01% at 15,576.20.

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 15650. If nifty closes above that, further upside can be expected towards 15720-15850 mark. On the flip side 15500-15400 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 15650 and on a decisive close above expect a rise to 15720-15850 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35750 levels on the upside and on a decisive close above expect a rise to 36000-36300. There is an immediate support at 35250-35000 levels.

Technical Call Updates

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