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Market Review:

Indian market benchmarks witnessed a sharp decline yesterday. The benchmark Nifty 50 index closed below the 22,850 mark, led by weakness in the IT and metal sectors. The S&P BSE Sensex, tumbled 824.29 points or 1.08% to 75,366.17. The Nifty 50 index declined 263.05 points or 1.14% to 22,829.15.

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 22900. If nifty closes above that, further upside can be expected towards 22970-23040 mark. On the flip side 22740-22670 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 22900 and on a decisive close above expect a rise to 22970-23040 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 48340 levels on the upside and on a decisive close above expect a rise to 48670-49000 There is an immediate support at 47840-47540 levels.

Technical Call Updates

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