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Market Review:

Indian markets ended with strong gains on Wednesday. Metals and banks stocks were in demand. IT stocks held steady while healthcare and auto shares were in high demand. Capital goods and FMCG shares experienced a downturn. The S&P BSE Sensex, the barometer index, rose by 235.05 points or 0.39%, closing at 60,392.77, while the Nifty 50 index added 90.10 points or 0.51%, finishing at 17,812.40.

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 17900. If nifty closes above that, further upside can be expected towards 18000-18080 mark. On the flip side 17740-17680 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 17900 and on a decisive close above expect a rise to 18000-18080 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 42000 levels on the upside and on a decisive close above expect a rise to 42280-42500. There is an immediate support at 41350-41000 levels.

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