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Market Review:

Indian market benchmark indices witnessed volatile trading on Thursday. However, these gains were countered by losses in the auto sector. Analysts have highlighted sustained selling by FIIs as a key factor contributing to recent market sell-offs. The S&P BSE Sensex advanced 10.31 points or 0.01% to 74,612.43. The Nifty 50 index shed 2.50 points or 0.01% to 22,545.05.

Nifty Technical Outlook

Nifty is expected to open on a gap down note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 22400. If nifty closes below that, further downside can be expected towards 22340-22270 mark. On the flip side 22600-22670 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 22400 and on a decisive close below expect a fall to 22340-22270 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 48540 levels on the downside and on a decisive close below expect a fall to 48270-48000 There is an immediate resistance at 49000-49240 level.

Technical Call Updates

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