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Market Review:

Indian market concluded Wednesday's trading session with minor losses. Sectors like energy, IT, and FMCG witnessed buying interest. Conversely, consumer durables, healthcare, and pharma stocks corrected. The S&P BSE Sensex shed 50.62 points or 0.06% to 78,148.49. The Nifty 50 index lost 18.95 points or 0.08% to 23,688.95.

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 23600. If nifty closes below that, further downside can be expected towards 23540-23470 mark. On the flip side 23740-23800 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 23600 and on a decisive close below expect a fall to 23540-23470 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 49770 levels on the downside and on a decisive close below expect a fall to 49500-49240 There is an immediate resistance at 50340-50670 level.

Technical Call Updates

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