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Market Review:

Indian markets ended with strong gains on Wednesday. Strength was broad based, with pharma and healthcare stocks gaining the most. The barometer index, the S&P BSE Sensex, advanced 547.83 points or 0.99% to 55,816.32. The Nifty 50 index gained 157.95 points or 0.96% to 16,641.80.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Major resistance level is placed at 16750 which is the previous swing resistance. Once Nifty closes above that there ill be further buying. On technical grounds, Nifty has an immediate resistance at 16750. If nifty closes above that, further upside can be expected towards 16820-16900 mark. On the flip side 16550-16470 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 16750 and on a decisive close above expect arise to 16820-16900 levels.

Bank Nifty

Bank Nifty has again given a closing above its 200 DMA which is a positive sign for this index. Bank Nifty faces an immediate resistance around 37000 levels on the upside and on a decisive close above expect a rise to 37270-37550. There is an immediate support at 36500- 36200 levels.

Technical Call Updates

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