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Market Review:

Indian markets ended with sharp gains on Friday, tracking strong global cues. IT, banks, financial shares were in demand. Auto, oil & gas and realty shares declined. The barometer index, the S&P BSE Sensex, rose 684.64 points or 1.20% to 57,919.97. The Nifty 50 index added 171.35 points or 1.01% to 17,185.70.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 17100. Any move below the same may extend the fall toward 17000-16930 mark. On the flip side 17320-17440 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 17100 and on a decisive close below expect a fall to 17000-16930 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 39100 levels on the downside and on a decisive close below expect a fall to 38800-38500. There is an immediate resistance at 39610-39820 levels.

Technical Call Updates

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