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Market Review:

Indian markets snapped four-day winning run to end with modest losses on Friday. The Nifty closed below the 16,240 level after trading above that range for most part of the day. The Reserve Bank of India kept repo rate unchanged at 4% The barometer index , BSE Sensex, dropped 215.12 points or 0.39% to end at 54,227.72.The Nifty 50 index fell 56.4 points or 0.35% at 16,238.20.

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 16270. If nifty closes above that, further upside can be expected towards 16320-16400 mark. On the flip side 16200-16150 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 16270 and on a decisive close above expect a rise to 16320-16400 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36180 levels on the upside and on a decisive close above expect a rise to 36370. There is an immediate support at 35780-35600 levels.

Technical Call Updates

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