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Market Review:

Indian benchmark closed sharply lower, extending their losing streak to a sixth session. The Nifty ended below 24,700 as IT, consumer durables and pharma stocks led the decline. All NSE sectoral indices finished in the red. The S&P BSE Sensex dropped 733.22 points or 0.90% to 80,426.46. The Nifty 50 index tanked 236.15 points or 0.95% to 24,654.70. In six consecutive sessions, the Sensex is down 3.11% and the Nifty has tumbled 3.02%

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 24740. If Nifty closes above that, further upside can be expected towards 24800-24870 mark. On the flip side 24570-24500 will act as strong support levels.

Action: Nifty has an immediate Resistance at 24740 and on a decisive close above expect a rise to 24800-24870 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 54700 levels on the upside and on a decisive close above expect a rise to 54940-55170. There is an immediate support at 54240-54000 levels.

Technical Call Updates

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