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Market Review:

Indian market benchmarks closed with minor losses on Friday. While metal and consumer durable shares saw increased demand, shares in PSU banks and FMCG companies fell. The S&P BSE Sensex declined 197.97 points or 0.25% to 77,860.19. The Nifty 50 index lost 43.40 points or 0.18% to 23,559.95.

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 23500. If nifty closes below that, further downside can be expected towards 23440-23370 mark. On the flip side 23640-23700 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 23500 and on a decisive close below expect a fall to 23440-23370 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 50000 levels on the downside and on a decisive close below expect a fall to 49740-49500 There is an immediate resistance at 50570-50840 level.

Technical Call Updates

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