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Market Review:

Indian markets advanced for the second trading session on Wednesday, tracking positive global cues. Global shares were buoyant ahead of Joe Biden's inauguration as US president. The S&P BSE Sensex, surged 393.83 points or 0.80% at 49,792.12. The Nifty 50 index soared 123.55 points or 0.85% at 14,644.70.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 14700. If nifty closes above that, further upside can be expected towards 14760-14800 mark. On the flip side 14550-14460 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 14700 and on a decisive close above expect a rise to 14760-14800 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 32720 levels on the upside and on a decisive close above expect a rise to 33000-33340. There is an immediate support at 32300-32000 levels.

Technical call updates

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