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Market Review:

Indian markets ended with modest losses on Wenesday. The market opened with strong gains, but slipped as the session progressed. Banks, autos and financial stocks were under pressure. Metal shares bucked the weak market trend. The barometer index, the S&P BSE Sensex, was down 304.48 points or 0.53% to 57,684.82. The Nifty 50 index fell 69.85 points or 0.40% to 17,245.65.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness range bound move during the day. Nifty has taken the resistance of it’s 100 DMA in yesterday’s trading session. Nifty has an immediate support at 17150. Any move below the same may extend the fall toward 17080-17000 mark. On the flip side 17370-17500 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss

Action: Nifty has an immediate support placed at 17150 and on a decisive close below expect a fall to 17080-17000 levels.

Bank Nifty

Bank Nifty has shown the sideways moment in last four days session. It has taken the resistance of it’s 200 DMA in yesterday’s session. Bank Nifty’s next immediate support is around 35930 levels on the downside and on a decisive close below expect a fall to 35650-35200. There is an immediate resistance at 36600-37000 levels.

Technical Call Updates

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