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Market Review:

Indian markets ended with decent gains after a volatile session on Wednesday, rising for the third straight session. Autos, oil & gas and PSU banks were in demand. On the other hand, realty, healthcare and pharma shares declined. The barometer index, the S&P BSE Sensex rose 123.63 points or 0.21% to 60,348.09. The Nifty 50 index added 42.95 points or 0.24% to 17,754.40.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 17650. Any move below the same may extend the fall toward 17550-17470 mark. On the flip side 17820-17900 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 17650 and on a decisive close below expect a fall to 17550-17470 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 41380 levels on the downside and on a decisive close below expect a fall to 41050-40800. There is an immediate resistance at 42000-42270 levels.

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