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Market Review:

Indian markets experienced a significant decline on Thursday, with Nifty index closing below the 23,350 mark.PSU banks and metal stocks bore the brunt of the selling pressure, while IT and private bank stocks bucked the trend and witnessed buying interest.The S&P Sensex fell 422.59 points or 0.54% to 77,15.79.The Nifty 50 index declined 168.60 points or 0.72% to 23,349.90.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness range bound move may be seen during the day. On technical grounds, Nifty has an immediate resistance at 23440. If nifty closes above that, further upside can be expected towards 23500-23570 mark. On the flip side 23270-23200 will act as strong support level

Action:

Nifty has an immediate resistance placed at 23440 and on a decisive close above expect a rise to 23500-23570 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 50740 levels on the upside and on a decisive close above expect a rise to 51000-51240 There is an immediate support at 50000-49740 levels.

Technical Call Updates

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