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Market Review:

Indian market wave of panic swept through the domestic equity market on Friday. All sectoral indices on the NSE closed lower, with IT and auto stocks registering significant losses. The S&P BSE Sensex tanked 1414.33 points or 1.90% to 73,198.10. The Nifty 50 index declined 420.35 points or 1.86% to 22,124.70.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 22200. If nifty closes above that, further upside can be expected towards 22270-22340 mark. On the flip side 22040-21970 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 22200 and on a decisive close above expect a rise to 22270-22340 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 48940 levels on the upside and on a decisive close above expect a rise to 49270- 49540.There is an immediate support at 48340-48000 levels.

Technical Call Updates

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