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Market Review:

Indian markets reversed intraday losses and ended with decent gains on Thursday. Trading was volatile as rising COVID-19 cases continue to spook investors. The barometer index, the S&P BSE Sensex, gained 259.62 points or 0.53%to 48,803.68. The Nifty 50 index added 76.65 points or 0.53% to close at 14,581.45.

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 resistance at 14670. If nifty closes above that, further upside can be expected towards 14750-14840 mark. On the flip side 14500-14420 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 14670 and on a decisive close above expect a rise to 14750-14840 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 32550 levels on the upside and on a decisive close above expect a rise to 32870-33300. There is an immediate support at 31700-31250 levels.

Technical Call Updates

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