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Market Review:

Indian market ended with day's high with modest gains on Friday. Autos, FMCG and consumer durables stocks were in demand. On the other hand, metals, PSU banks and IT shares declined. The barometer index, the S&P BSE Sensex, was up 344.63 points or 0.65% to 53,760.78. The Nifty 50 index gained 110.55 points or 0.69% to 16,049.20.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Nifty is well placed above its 50 DMA and have taken a strong support at those levels. Nifty is likely to test its swing resistance of 16275. On technical grounds, Nifty has an immediate resistance at 16120. If nifty closes above that, further upside can be expected towards 16200-16280 mark. On the flip side 15970-15900 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 16120 and on a decisive close above expect arise to 16200-16280 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 35270-35500. There is an immediate support at 34500-34250 levels.

Technical Call Updates

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