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Market Review:

Indian markets experienced significant declines on Thursday. IT and FMCG shares were among the top losers, and both midcap and smallcap indices also dropped. The barometer index, the S&P BSE Sensex declined 610.37 points or 0.92% to 65,508.32. The Nifty 50 index lost 192.90 points or 0.98% to 19,523.55.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On Technical grounds, Nifty has an immediate support at 19440. Any move below the same may extend the fall toward 19350-19270 mark. On the flip side 19600-19680 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 19440 and on a decisive close below expect a fall to 19350-19270 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 44000 levels on the downside and on a decisive close below expect a fall to 43740-43500. There is an immediate resistance at 44600-44840 levels

Technical Call Updates

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