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Market Review:

Indian markets ended with strong gains on Thursday. Trading was volatile due to expiry of monthly F&O contracts on the NSE today. Banks, metals and financials advanced while FMCG shares declined. The barometer index, the S&P BSE Sensex, rose 503.27 points or 0.94% to 54,252.53. The Nifty 50 index gained 144.35 points or 0.90% to 16,170.15.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Fresh buying will emerge once Nifty closes above 16500 levels. Nifty is continuously facing a resistance around 16400 levels. On technical grounds, Nifty has an immediate resistance at 16280. If nifty closes above that, further upside can be expected towards 16400-16500 mark. On the flip side 16100-16000 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 16280 and on a decisive close above expect a rise to 16400-16500 levels.

Bank Nifty

Bank Nifty is trying to fill the upside gap. Bank Nifty is likely to test it’s 50 DMA which is at 35800 in the coming sessions. Bank Nifty faces an immediate resistance around 35320 levels on the upside and on a decisive close above expect a rise to 35580-35800. There is an immediate support at 34750-34300 levels.

Technical Call Updates

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