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Market Review:

Indian markets ended with robust gains on Thursday. IT and metal shares rallied. Bargain hunting emerged after the Sensex and the Nifty corrected over 1.8% in the past three sessions. The barometer index, the S&P BSE Sensex, soared 638.70 points or 1.22% at 52,837.21. The Nifty 50 index added 191.95 points or 1.23% at 15,824.05.

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 15900. If nifty closes above that, further upside can be expected towards 16000-16080 mark. On the flip side 15750-15640 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 15900 and on a decisive close above expect a rise to 16000-16080 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 35240-35600. There is an immediate support at 34500-34300 levels.

Technical Call Updates

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