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Market Review:

Indian markets got slammed today for a third straight session, with the Nifty 50 falling below 22,150. IT and banking stocks dragged the benchmarks, spooked by a nasty cocktail of worries. Foreign investors are pulling out of Indian shares, and strong US retail sales data is stoking fears of delayed US interest rate cuts.The S&P BSE Sensex slipped 456.10 points or 0.62% to 72,943.68. The Nifty 50 index lost 124.60 points or 0.56% to 22,147.90.

Nifty Technical Outlook

Nifty is expected to open on flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 22000. If nifty closes below that, further downside can be expected towards 21940-21800 mark. On the flip side 22200-22270 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 22000 and on a decisive close below expect a fall to 21940-21800 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 47470 levels on the downside and on a decisive close below expect a fall to 47270-46900. There is an immediate resistance at 47800-47940 levels.

Technical Call Updates

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