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Market Review:

Indian market settled with strong gains on Wednesday amid positive global cues. IT, FMCG and metal shares advanced while media, auto and realty stocks declined. The BSE Sensex, was up 629.91 points or 1.15% to 55,397.53. The Nifty 50 index gained 180.30 points or 1.10% to 16,520.85.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. Nifty faces an immediate resistance around 16600. Till the time Nifty does not close above 16600 levels fresh buying is unlikely. On technical grounds, Nifty has an immediate support at 15430. Any move below the same may extend the fall toward 16300-16170 mark. On the flip side 16670-16800 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 16600 and on a decisive close above expect arise to 16670/16800 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36190 levels on the upside and on a decisive close above expect a rise to 36400-36620. There is an immediate support at 35820-35640 levels.

Technical Call Updates

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