Market Review:
Indian markets Nifty 50 index plummeted below the 18,100 level due to aggressive selling the banking, metals, and financial services sectors. The HDFC twins suffered significant losses, dropping almost 6% each. Meanwhile, global cues were lacklustre, as the ECB raised rates by 25 bps and signalled the need for further hikes. The Nifty 50 index also suffered a loss of 186.80 points or 1.02%, setting at 18,069. The S&P BSE Sensex faced a significant dip of 694.96 points or 1.13%, closing at 61,054.29.
Nifty Technical Outlook
Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 18000. If nifty closes below that, further downside can be expected towards 17940/17870 mark. On the flip side 18180-18240 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 18000 and on a decisive close below expect a fall to 17940/17870 levels.
Bank Nifty
Bank Nifty faces an immediate support around 42420 levels on the downside and on a decisive close below expect a fall to 42100/41800. There is an immediate resistance at 43320-43600 levels.
Technical Call Updates
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