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Market Review:

Indian markets settled with modest gains on Wednesday. IT stocks rallied while metals and PSU banks stocks corrected. Encouraging Q4 earnings and positive cues from other Asian stock markets boosted investors sentiment. The barometer index, the S&P BSE Sensex, rose 379.99 points or 0.75% to 51,017.52. The Nifty 50 index gained 93 points or 0.61% at 15,301.45.

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 15400. If nifty closes above that, further upside can be expected towards 15500-15580 mark. On the flip side 15220-15140 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 15400 and on a decisive close above expect a rise to 15500-15580 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35000 levels on the upside and on a decisive close above expect a rise to 35300-35750. There is an immediate support at 34400-34000 levels.

Technical Call Updates

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