The Nifty closed lower by 114.7 points at 7048.25 and the Bank Nifty closed lower by 1450 points at 14120. Open interest on the Nifty decreased by 27.44% while volume decreased by 11.04%. State Bank of India is recommended as a sell for tomorrow with a target price of 158 and stop loss of 163 as it saw a downtrend today and faces resistance at 162. Foreign institutional investors were net sellers of Indian equities, selling Rs. 1311.59 crore worth of shares.