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Market Review:

Indian market benchmarks closed lower on Wednesday. While metal and PSU bank shares saw demand, realty, FMCG, and consumer durable shares declined. The S&P BSE Sensex tumbled 312.53 points or 0.40% to 78,271.28. The Nifty 50 index fell 42.95 points or 0.18% to 23,696.30.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 23770. If nifty closes above that, further upside can be expected towards 23840-23900 mark. On the flip side 23640-23570 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 23770 and on a decisive close above expect a rise to 23840-23900 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 50770 levels on the upside and on a decisive close above expect a rise to 51000-51270 There is an immediate support at 50240-50000 levels.

Technical Call Updates

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