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Market Review:

Indian markets ended near the day's high with strong gains on Thursday. Metals, PSU banks and consumer durables stocks were in demand. The barometer index, the S&P BSE Sensex advanced 427.49 points or 0.80% to 54,178.46. The Nifty 50 index added 143.10 points or 0.89% to 16,132.90.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Nifty has successfully closed above it’s 50 DMA. Nifty is likely to fill its upside gap of 16200 in todays sessions. On technical grounds, Nifty has an immediate resistance at 16200. If nifty closes above that, further upside can be expected towards 16270-16340 mark. On the flip side 16070-16000 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 16200 and on a decisive close above expect a rise to 16270-16340 levels.

Bank Nifty

Bank Nifty Bank Nifty is likely to test its 100 DMA in today’s session which is placed at 35375 levels. Bank Nifty faces an immediate resistance around 35150 levels on the upside and on a decisive close above expect a rise to 35500-35740. There is an immediate support at 34730- 34550 levels.

Technical Call Updates

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