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Market Review: Indian markets plunged on Wednesday in a broad sell-off, as the recent meltdown in midcap stocks continued to wreak havoc. Real estate, media, PSU banks, telecom, power, oil & gas, and metals were among the sectors clobbered the worst, with losses hammering them down 4-6%. FMCG was the lone survivor, emerging as the only positive sectoral index. The benchmark Sensex crashed 906.07 points or 1.23% to settle at 72,761.89, while the Nifty 50 tumbled 338 points or 1.51% to close at 21,997.70.

Nifty Technical Outlook

Nifty is expected to open on flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 21930. If nifty closes below that, further downside can be expected towards 21870-21800 mark. On the flip side 22040-22140 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 21930 and on a decisive close below expect a fall to 21870-21800 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 46800 levels on the downside and on a decisive close below expect a fall to 46500-46300. There is an immediate resistance at 47530-48000 levels.

Technical Call Updates

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