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Market Review:

Indian market benchmarks indices closed deep in the red on Friday, marking their third consecutive day of losses. The Nifty 50 settled just under the 25,150 mark, weighed down by declines in IT and auto stocks. However, sectors like pharma and FMCG managed to attract some buying interest. The S&P BSE Sensex tumbled 689.81 points or 0.83% to 82,500.47. The Nifty 50 index dropped 205.40 points or 0.81% to 25,149.85.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness a range bound move during the day. On technical grounds, Nifty has an immediate support at 25070. If Nifty closes below that, further downside can be expected towards 25000-24940 mark. On the flip side 25240-25370 will act as strong resistance levels.

Action: Nifty has an immediate Support at 25070 and on a decisive close below expect a fall to 25000-24940 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 56740 levels on the downside and on a decisive close below expect a fall to 56500-56270. There is an immediate resistance at 57160-57400 levels.

Technical Call Updates

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