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Market Review:

Indian markets continued its upward trend on Thursday. This winning run was somewhat tempered by the lackluster performance of IT stocks, which struggled due to underwhelming quarterly earnings. The BSE Sensex, the benchmark index, rose by a mere 0.06% or 38.23 points to close at 60,431.00. Meanwhile, the broader Nifty 50 index rose by 0.09% or 15.60 points to close at 17,828.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 17740. Any move below the same may extend the fall toward 17680-17600 mark. On the flip side 17900-18000 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17740 and on a decisive close below expect a fall to 17680-17600 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 41900 levels on the downside and on a decisive close below expect a fall to 41550-41250. There is an immediate resistance at 42400-42650 levels.

Technical Call Updates

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