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Market Review:

Indian markets experienced a rangebound session on Thursday. Among sectors, the auto, metal, and energy shares performed well, while IT majors experienced a decline. The S&P BSE Sensex declined 64.66 points or 0.10% to 66,408.39. The Nifty 50 index lost 17.35 points or 0.09% to 19,794.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 19700. Any move below the same may extend the fall toward 19640-19580 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 19700 and on a decisive close below expect a fall to 19640-19580 levels.  

Bank Nifty

Bank Nifty’s next immediate support is around 44600 levels on the downside and on a decisive close below expect a fall to 44520-44300. There is an immediate resistance at 44820-44900 levels.

Technical Call Updates

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