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Market Review:

Indian markets ended with small gains on Friday, rising for the fourth straight session. Pharma and healthcare stocks advanced while auto and IT shares corrected. The barometer index, the S&P BSE Sensex, rose 85.91 points or 0.15% at 55,550.30. The Nifty 50 index gained 35.55 points or 0.21% at 16,630.45.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. Nifty is likely to take a resistance of it’s 200 DMA in the coming sessions. Nifty has an immediate support at 16500. Any move below the same may extend the fall toward 16380-16270 mark. On the flip side 16730-16820 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 16380-16270 levels.

Bank Nifty

Bank Nifty is likely to fill it’s downward gap in today’s session. Bank Nifty’s next immediate support is around 34200 levels on the downside and on a decisive close below expect a fall to 33850- 33500. There is an immediate resistance at 35000-35340 levels.

Technical Call Updates

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