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Market Review:

Indian markets ended with strong gains on Thursday, snapping a twoday losing run. Good GST collection and PMI data in May boosted sentiment. A correction in crude oil prices also supported buying. The barometer index, the S&P BSE Sensex, was up 436.94 points or 0.79% to 55,818.11. The Nifty 50 index rose 105.25 points or 0.64% to 16,628.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Nifty is facing a strong resistance of 16,700 level from the last 4 trading session. Nifty is likely to test its 50 DMA in todays session. On technical grounds, Nifty has an immediate resistance at 16730. If nifty closes above that, further upside can be expected towards 16800-16900 mark. On the flip side 16550-16440 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 16730 and on a decisive close above expect a rise to 16800-16900 levels.

Bank Nifty

Bank Nifty is facing a strong resistance of 50-DMA i.e. 35800 levels on closing basis. Bank Nifty faces an immediate resistance around 36000 levels on the upside and on a decisive close above expect a rise to 36270-36500. There is an immediate support at 35500-35230 levels.

Technical Call Updates

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