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Market Review:

Indian markets snapped three day streak and ended with small losses on Friday. The Nifty closed below the 17,600 mark amid selling pressure in metals, realty and PSU bank stocks. Media and financial stocks bucked weak market trend. The barometer index, the S&P BSE Sensex, fell 125.27 points or 0.21% at 59,015.89. The Nifty 50 index lost 44.35 points or 0.25% at 17,585.15.

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 17500. Any move below the same may extend the fall towards 17400-17330 mark. On the flip side 17670-17750 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17500 and on a decisive close below expect a fall to 17400-17330 levels.

Bank Nifty

Bank Nifty faces an immediate support around 37500 level on the downside and on a decisive close below expect a fall to 37220-37000. There is an Immediate resistance at 38100-38340 levels.

Technical Call Updates

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