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Market Review:

Indian market benchmark indices closed near the flat line with a slight negative bias on Wednesday. These anxieties triggered a sell-off in related sectors, leading to declines in IT, pharma, and auto stocks. Conversely, the realty, media, and PSU bank sectors saw gains. The S&P BSE Sensex shed 28.21 points or 0.04% to 75,939.18. The Nifty 50 index lost 12.40 points or 0.05% to 22,932.90.

Nifty Technical Outlook

Nifty is expected to open on a negative 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 23000-23070 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 49440 levels on the downside and on a decisive close below expect a fall to 49200-49000 There is an immediate resistance at 49840-50000 level.

Technical Call Updates

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