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Market Review:

Indian markets ended with robust gains on Thursday. The Nifty closed above the 16,350 mark. IT shares rallied while pharma shares declined. The barometer index, the S&P BSE Sensex, advanced 318.05 points or 0.58% to 54,843.98. The Nifty 50 index added 82.15 points or 0.50% to 16,364.40.

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 16420. If nifty closes above that, further upside can be expected towards 16500-16600 mark. On the flip side 16280-16200 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 16420 and on a decisive close above expect a rise to 16500-16600 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36200 levels on the upside and on a decisive close above expect a rise to 36330-35550. There is an immediate support at 35860-35650 levels.

Technical Call Updates

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