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Market Review:

Indian market benchmarks ended sharply lower today. The Nifty closed below the 24,650 mark, with IT stocks leading the decline on heightened fears surrounding the U.S. fiscal outlook. FMCG and energy stocks also came under pressure. The S&P BSE Sensex tanked 644.64 points or 0.79% to 80,951.99. The Nifty 50 index tumbled 203.75 points or 0.82% to 24,609.70.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate Resistance at 24670. If Nifty closes below that, further upside can be expected towards 24740-24800 mark. On the flip side 24540-24470 will act as strong support levels.

Action: Nifty has an immediate Resistance placed at 24670 and on a decisive close above expect a rise to 24740-24800 levels

Bank Nifty

Bank Nifty’s next immediate resistance is around 55270 levels on the upside and on a decisive close above expect a rise to 55540-55700 There is an immediate support at 54840-54600 levels.

Technical Call Updates

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