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Market Review:

Indian markets closed lower for the third consecutive day on Thursday. PSU banks and auto shares tumbled, while media and IT shares bucked the weak market trend. The S&P BSE Sensex slipped 570.60 points or 0.85% to 66,230.24. The Nifty 50 index lost 159.05 points or 0.80% to 19,742.35.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 19680. Any move below the same may extend the fall toward 19600-19500 mark. On the flip side 19830-19900 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 19680 and on a decisive close below expect a fall to 19600-19500 levels.

Bank Nifty

Bank Nifty’s immediate support is around 44500 levels on the downside and on a decisive close below expect a fall to 44220-44000. There is an immediate resistance at 45200-45500 levels. 

Technical Call Updates

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