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Market Review:

Indian markets extended its decline for the sixth day on Thursday. Stocks in the automobile, metal, and financial services sectors faced downward pressure. The S&P BSE Sensex slumped 900.91 points or 1.41% to 63,148.15. The Nifty 50 index declined 264.90 points or 1.39% to 18,857.25.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness rangebound move during the day. On technical grounds, Nifty has an immediate resistance at 18920. If nifty closes above that, further upside can be expected towards 19000-19170 mark. On the flip side 18780-18670 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 18920 and on a decisive close above expect a rise to 19000-19170 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 42360 levels on the upside and on a decisive close above expect a rise to 42500-42620. There is an immediate support at 42100-41940 levels.

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