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Market Review:

Indian market benchmarks closed with modest losses on Wednesday. Sectorally, PSU banks, IT, and pharma stocks came under pressure, while FMCG and consumer durables witnessed buying interest. The S&P BSE Sensex slipped 379.93 points or 0.51% to 73,847.15. The Nifty 50 index lost 136.70 points or 0.61%, to 22,399.15.

Nifty Technical Outlook

Nifty is expected to open on a gap up and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate Resistance at 22,840. If Nifty closes below that, further upside can be expected towards 22,900-23,000 mark. On the flip side 22,300-22,000 will act as strong support levels.

Action: Nifty has an immediate Resistance placed at 22,840 and on a decisive close above expect a rise to 22,900-23,000 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 50,800 levels on the upside and on a decisive close above expect a rise to 51,140-51,400 There is an immediate support at 50140-49870 levels.

Technical Call Updates

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