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Market Review:

Indian markets benchmarks plummeted for the third consecutive day on Wednesday. PSU bank and metal stocks bore the brunt of the selling pressure, while pharmaceutical and healthcare sectors displayed relative resilience. The S&P BSE Sensex dropped 502.25 points or 0.62% to 80,182.20. The Nifty 50 index lost 137.15 points or 0.56% to 24,198.85. ‘

Nifty Technical Outlook

Nifty is expected to open on a gap down note and likely to witness selling pressure move during the day. On technical grounds, Nifty has an immediate support at 23900. If nifty closes below that, further downside can be expected towards 23770-23700 mark. On the flip side 24300-24440 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 23900 and on a decisive close below expect a fall to 23770-23700 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 52000 levels on the downside and on a decisive close below expect a fall to 51640-51400 There is an immediate resistance at 52540-52870 level.

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