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Market Review:

Indian market benchmarks declined for an eighth straight session on Friday. All the sectoral indices on the NSE ended in the red. Media, pharma and healthcare stocks were under pressure. The S&P BSE Sensex declined 199.76 points or 0.26% to 75,939.21. The Nifty 50 index lost 102.15 points or 0.44% to 22,929.25.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 22840. If nifty closes below that, further downside can be expected towards 22770-22700 mark. On the flip side 23000-23100 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 22840 and on a decisive close below expect a fall to 22770-22700 levels.

Bank Nifty.

Bank Nifty’s next immediate support is around 49000 levels on the downside and on a decisive close below expect a fall to 48740-48500 There is an immediate resistance at 49540-49770 level.

Technical Call Updates

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