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Market Review:

Indian markets shed some points today, ending their three-day rally. While realty stocks surged, banks and IT took a hit. Interestingly, broader indices outperformed the benchmark indices.The S&P BSE Sensex slipped 361.64 points or 0.50% to 72,470.30. The Nifty 50 index lost 92.05 points or 0.42% to 22,004.70.

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 21940. If nifty closes below that, further downside can be expected towards 21870-21800 mark. On the flip side 22070-22170 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 21940 and on a decisive close below expect a fall to 21870-21800 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 46600 levels on the downside and on a decisive close below expect a fall to 46370-46000. There is an immediate resistance at 46860-47000 levels.

Technical Call Updates

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