IGI Logo

Market Review:

Indian markets ended with robust gains on Thursday, rising for the second trading session. Barring the Nifty IT index, all the sectoral indices on the NSE ended in the green. The barometer index, the S&P BSE Sensex, gained 1,047.28 points or 1.84% to 57,863.93. The Nifty 50 index rallied 311.70 points or 1.84% to 17,287.05

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Nifty has given the strong breakout of it’s 200 DMA and Nifty is currently testing it’s 50 DMA and once it sustains above that, further rally is expected. On technical grounds, Nifty has an immediate resistance at 17440. If nifty closes above that, further upside can be expected towards 17550-17640 mark. On the flip side 17300-17180 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 17440 and on a decisive close above expect a rise to 17550-17640 levels.

Bank Nifty

Bank Nifty has given it’s consolidation breakout on Thursday. Bank Nifty will be moving forward to test it’s 200 DMA. Bank Nifty faces an immediate resistance around 36750 levels on the upside and on a decisive close above expect a rise to 37000-37380. There is an immediate support at 36100-35870 levels.

Technical Call Updates

To Read Complete Report & Disclaimer Click Here
 

Please refer disclaimer at https://investmentguruindia.com/Disclaimer/nirmal.html

SEBI Registration number is INH000001766

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer