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Market Review:

Indian market benchmarks declined on Thursday, mirroring a cautious mood in the market as investors held their breath ahead of TCS' quarterly results. The S&P BSE Sensex dropped 528.28 points or 0.68% to 77,620.21. The Nifty 50 index tumbled 162.45 points or 0.69% to 23,526.50.

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 23440. If nifty closes below that, further downside can be expected towards 23370-23300 mark. On the flip side 23600-23700 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 23440 and on a decisive close below expect a fall to 23370-23300 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 49540 levels on the downside and on a decisive close below expect a fall to 49270-49000 There is an immediate resistance at 50000-50240 level.

Technical Call Updates

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