Outlook Of Nifty/bank nifty today

Nifty:  

Nifty Outlook

After gap up opening Nifty traded in a narrow range before witnessing heavy selling pressure in the final hour of trading session led by PSU Bank after fraud detected in PNB Bank. All sector closed in red territory except Realty index. Nifty Future closed below 10500 mark which further indicates selling pressure in next trading session for now 10430 will act as an immediate support if able to break this support and sustain below it than it may drag till 10300 mark.

Bank Nifty:  

Bank Nifty Outlook

Bank Nifty closed lower on sharp fall in PSU banks as fraud detected in PNB Bank, as well as the new NPA rules stipulated by the RBI, weighed in on Bank Nifty. Bank Nifty had given breakouts of its immediate support i.e. of 25355 and closed near around it, for now 25000 will act as an immediate support while on higher side 25830 seen as resistance.

Nifty Trends
R1	10650
R2	10750
S1	10430
S2	10300

Technical Outlook:

Top Gainers
TECHM	608.50
IBULHSGFIN	1,341.00
ADANIPORTS	410.60
BHARTIARTL	431.50

Top Losers
YESBANK	319.35
SBIN	275.50
AXISBANK	541.80
ONGC	184.55

Stocks Corner

Sun Pharma posted lower than expected quarter number as profit fell sharply by 75.2 percent to Rs 365.4 crore, dragged by exceptional tax expenses. Tax expenses (exceptional) for the quarter represented estimated impact of Rs 513.02 crore on account of re-measurement of the group's deferred tax assets as a result of the Tax Cut and Jobs Act enacted in the US on December 2017. Revenue from operations slipped 16 percent year-on-year to Rs 6,653.23 crore in Q3 was also lower than expectations of Rs 6,807 crore.
Punjab National Bank share price slipped 9.7 percent intraday on Wednesday after the bank detected some fraudulent transactions worth Rs 11,300 crore in its Mumbai branch. The fraudulent transaction amount is close to 1/3rd of its total market capitalisation of Rs 36,000 crore and 2.55 percent of total loan book of Rs 4.5 lakh crore (as of December 2017).
Bank of India share price tanks after the double whammy effect of net loss in Q3 and revision in NPA rules. The public sector lender has reported net loss of Rs 2,341.20 crore for the December quarter 2017, against profit of Rs 107.72 crore in year-ago. Asset quality performance was very bad as gross non-performing assets (NPA) were sharply higher at 16.93 percent in Q3 against 12.62 percent in previous quarter while net NPAs were also higher at 10.29 percent compared to 6.47 percent QoQ.
BHEL announced that it has won a Rs560cr order for emission control equipment from NTPC. The scope of the order includes supply and installation of the Flue Gas Desulphurization (FGD) system at its 2x490MW National Capital Power Station (NCPS) at Dadri in Uttar Pradesh. The order is of great significance to BHEL as the Indian power sector is moving towards stricter emission norms notified in December 2015.