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Market Review:

Indian markets advanced for the second consecutive session on Wednesday amid positive global cues. However, media, consumer durables and realty stocks were under pressure. The barometer index, the S&P BSE Sensex rose 139.91 points or 0.24% to 58,214.59. The Nifty 50 index added 44.40 points or 0.26% to 17,151.90.

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 17220 If nifty closes above that, further upside can be expected towards 17300-17380 mark. On the flip side 17080-17000 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 17220 and on a decisive close above expect a rise to 17300-17380 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 40500 levels on the upside and on a decisive close above expect a rise to 40770-41000. There is an immediate support at 39900-39650 levels.

Technical Call Updates

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