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Market Review:

Indian markets market rallied on Wednesday, tracking positive global stocks.Investors keenly awaited the outcome of US Fed policy scheduled later in the day. All the sectoral indices on the NSE ended in the green. The barometer index, the S&P BSE Sensex, surged 1,039.80 points or 1.86% at 56,816.65. The Nifty 50 index gained 312.35 points or 1.87%at 16,975.35.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Nifty is expected to give the consolidation breakout and will test it’s 50 & 100 DMA levels. On technical grounds, Nifty has an immediate resistance at 17300. If nifty closes above that, further upside can be expected towards 17420-17500 mark. On the flip side 17200-17080 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 17300 and on a decisive close above expect a rise to 17420-17500 levels.

Bank Nifty

Bank Nifty is likely to give a breakout of it’s consolidation in today’s trading session. Moreover, Bank Nifty will be moving forward to test it’s 200 DMA. Bank Nifty faces an immediate resistance around 36080 levels on the upside and on a decisive close above expect a rise to 36430-36780. There is an immediate support at 35600-35370 levels.

Technical Call Updates

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