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Market Review:

Indian markets rallied for the third straight session on Wednesday led by gains in banks, financials and metal stocks. The Nifty settled near 15,250 level. Barring the Nifty Auto index, all the sectoral indices on the NSE ended in the green. The barometer index, the S&P BSE Sensex, jumped 1,147.76 points or 2.28% at 51,444.65. The Nifty 50 index soared 326.50 points or 2.19% at 15,245.60.

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 15140. Any move below the same may extend the fall towards 15070-15000 mark. On the flip side 15300-15360 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 15140 and on a decisive close below expect a fall to 15070-15000 levels.

Bank Nifty

Bank Nifty faces an immediate support around 36250 level on the downside and on a decisive close below expect a fall to 36000-35570. There is an Immediate resistance at 36800-37370 levels.

Technical Call Updates

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