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Market Review:

Indian markets ended with strong gains on Thursday. Positive global shares, cooling oil prices and consistent FII inflows supported buying in domestic equities. Banks stocks were in demand. On the other hand, metals, media and consumer durables stocks were under pressure. The barometer index, the S&P BSE Sensex, gained 659.31 points or 1.12% to 59,688.22. The Nifty 50 index added 174.35 points or 0.99% to 17,798.75.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 17880. If nifty closes above that, further upside can be expected towards 18000-18100 mark. On the flip side 17700-17630 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 17880 and on a decisive close above expect a rise to 18000-18100 levels

Bank Nifty

Bank Nifty faces an immediate resistance around 40550 levels on the upside and on a decisive close above expect a rise to 40750-41000. There is an immediate support at 40000-39650 levels.

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