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Market Review:

Indian markets ended with ended with strong gains on Wednesday. Media, IT and pharma stocks were in demand while metal stocks corrected for second day. The barometer index, the S&P BSE Sensex, jumped 1,223.24 points or 2.29% at 54,647.33. The Nifty 50 index advanced 331.90 points or 2.07% at 16,345.35.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Nifty has shown good reversal in yesterday’s trading session. On technical grounds, Nifty has an immediate resistance at 16500. If nifty closes above that, further upside can be expected towards 16640-16750 mark. On the flip side 16230-16100 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 16500 and on a decisive close above expect a rise to 16640-16750 levels.

Bank Nifty

A trendline breakout was seen in Bank Nifty in yesterday’s trading session. Bank Nifty faces an immediate resistance around 34250 levels on the upside and on a decisive close above expect a rise to 34630-35000. There is an immediate support at 33500-33230 levels.

Technical Call Updates

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