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Market Review:

Indian markets ended near the day's high on Thursday, led by strength in banks and auto stocks. The buying was supported by positive global cues and the optimism around the U.S. government's $2 trillion spending plan. The barometer index, the S&P BSE Sensex, jumped 520.68 points or 1.05%to 50,029.83. The Nifty 50 index advanced 176.65 points or 1.20% to 14867.35.

Nifty Technical Outlook

Nifty is expected to open gap down likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 14800. Any move below the same may extend the fall towards 14740-14630 mark. On the flip side 14940-15050 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 14800 and on a decisive close below expect a fall to 14740-14630 levels.

Bank Nifty

Bank Nifty faces an immediate support around 33900 level on the downside and on a decisive close below expect a fall to 33550-33100. There is an Immediate resistance at 34500-34800 levels.

Technical Call Updates

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