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Market Review:

Indian markets ended with robust gains on Friday amid positive global cues. All the sectoral indices on the NSE rallied. Realty, metals and PSU banks were in demand. The S&P BSE Sensex, surged 1,328.61 points or 2.44% to 55,858.52. The Nifty 50 index jumped 410.45 points or 2.53% to 16,658.40.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. Nifty’s likely to face the resistance of it’s 200 DMA. Nifty has an immediate support at 16500. Any move below the same may extend the fall toward 16370-16250 mark. On the flip side 16770-16900 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 16500 and on a decisive close below expect a fall to 16370-16250 levels.

Bank Nifty

Bank Nifty has taken resistance of it’s 200 DMA in the previous trading session. Bank Nifty’s next immediate support is around 36000 levels on the downside and on a decisive close below expect a fall to 35650-3

Technical Call Updates

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