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Market Review:

Indian market ended near the day's high after a strong session on Friday. The Nifty ended above the 16,700 level after hitting a day's low of 16,610.90 in the mid-morning trade. Financial services, banks and FMCG shares were in demand while IT, healthcare and pharma stocks corrected. The Nifty 50 index gained 114.20 points or 0.69% to 16,719.45. BSE Sensex, advanced 390.28 points or 0.70% to 56,072.23

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 16770. On technical grounds, Nifty has an immediate support at 16600-16570. Any move below the same may extend the fall toward 16500-16420 mark. On the flip side 16770-16800 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 16770 and on a decisive close above expect arise to 16840/16900 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36980 levels on the upside and on a decisive close above expect a rise to 37200/37400. There is an immediate support at 36400/36100 levels.

Technical Call Updates

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