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Market Review:

Indian markets extrended their rising streak for a fourth straight session on Wednesday. The rally was led by firmness in IT, FMCG and financial shares. The barometer index, the S&P BSE Sensex jumped 582.87 points or 0.99% to 59,689.31. The Nifty 50 index rose 159 points or 0.91% to 17,557.05.

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 17620. If nifty closes above that, further upside can be expected towards 17700-17800 mark. On the flip side 17500-17430 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 17620 and on a decisive close above expect a rise to 17700-17800 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 41350 levels on the upside and on a decisive close above expect a rise to 41640-42000. There is an immediate support at 40900-40730 levels.

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