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Market Review:

Indian markets snapped three-day rising streak and ended with steep losses on Friday. The Nifty, however, managed to hold above the 15,000 mark. Weakness in Reliance Industries (RIL) and private banks dragged the indices. The S&P BSE Sensex, tumbled 487.43 points or 0.95% to 50,792.08. The Nifty 50 index slumped 143.85 points or 0.95% to 15,030.95.

Nifty Technical Outlook

Nifty is expected to open gap up likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 15150. If nifty closes above that, further upside can be expected towards 15280-15400 mark. On the flip side 14900-14770 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 15150 and on a decisive close above expect a rise to 15280-15400 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36000 levels on the upside and on a decisive close above expect a rise to 36450-36800. There is an immediate support at 35100-34670 levels.

Technical Call Updates

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