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Market Review:

Indian markets ended lower on Wednesday, snapping their four-day rising streak. Media, metals and pharma shares were in demand. However, PSU banks and auto shares corrected. The barometer index, the S&P BSE Sensex, declined 215.26 points or 0.35% to 60,906.09. The Nifty 50 index lost 62.55 points or 0.34% to 18,082.85.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 18000. Any move below the same may extend the fall toward 17920-17840 mark. On the flip side 18160-18220 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 18000 and on a decisive close below expect a fall to 17920-17840 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 41000 levels on the downside and on a decisive close below expect a fall to 40740-40500. There is an immediate resistance at 41500-41700 levels.

Technical Call Updates

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