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Market Review:

Indian markets ended a volatile session with modest losses on Friday. The Nifty closed below the 14,350 level. Selling was triggered by concerns that the spike in COVID-19 cases in the country could derail the economic recovery. The S&P BSE Sensex, declined 202.22 points or 0.42% at 47,878.45. The Nifty 50 index declined 64.80 points or 0.45% at 14,341.35

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 14500. If nifty closes above that, further upside can be expected towards 14640-14750 mark. On the flip side 14250-14170 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 14500 and on a decisive close above expect a rise to 14640-14750 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 32150 levels on the upside and on a decisive close above expect a rise to 32550-33000. There is an immediate support at 31370-31300 levels.

Technical Call Updates

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