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Market Review:

Indian markets ended with strong gains on Wednesday. The broader rally was led by autos, FMCG and consumer durables stocks. The barometer index, the S&P BSE Sensex, jumped 616.62 points or 1.16% to 53,750.97. The Nifty 50 index added 178.95 points or 1.13% to 15,989.80.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Nifty has successfully closed above it’s previous swing resistance of 15930. Nifty is likely to fill its upside gap in the coming sessions. On technical grounds, Nifty has an immediate resistance at 16070. If nifty closes above that, further upside can be expected towards 16150-16240 mark. On the flip side 15850-15730 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 16070 and on a decisive close above expect a rise to 16150-16240 levels.

Bank Nifty

Bank Nifty has given a strong closing above its 50 DMA. Bank Nifty faces an immediate resistance around 34650 levels on the upside and on a decisive close above expect a rise to 35000-35340. There is an immediate support at 34000-33680 levels.

Technical Call Updates

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