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Market Review:

Indian markets barometers ended with deep cuts. Barring the Nifty PSU Bank index, all the sectoral indices on the NSE ended in the red. Private banks and financial shares tumbled. The bank and financial shares tumbled. The barometer index, the S&P BSE Sensex, dropped 1,023.63 points or 1.75% to 57,621.19. The Nifty 50 index fell 302.70 points or 1.73% to 17,213.60.

Nifty Technical Outlook

Nifty is expected to open on a negative note and to witness selling pressure during the day. On technical grounds,Nifty has declined sharply from its recent highs and has breached the Curial short term support levels of 17170. The immediate downside target for the index is at 17040/16940 levels. Recently there is a Bearish candle pattern formed on daily charts.On the flip side 17290-17370 will act as strong resistance levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate support placed at 17170 and on a decisive close below expect a fall to 17040-16940 levels.

Bank Nifty

Bank Nifty faces strong resistance around the 38470-38850 levels on the upside where selling pressure is expected and one should maintain a sell on rise approach. There is an immediate support at 37800 levels and on a decisive close below one can expect further weakness and declines to 37340-37000levels.

Technical Call Updates

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