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Market Review:

Indian markets ended near the day's high on Friday. Metal stocks resumed uptrend after a day's pause. All the sectoral indices on the NSE ended in the green. The barometer index, the S&P BSE Sensex, advanced 175.62 points or 0.31% to 56,124.72. The Nifty 50 index added 68.30 points or 0.41% to 16,705.20

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 16770. If nifty closes above that, further upside can be expected towards 16850-16930 mark. On the flip side 16600-16500 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 16770 and on a decisive close above expect a rise to 16850-16930 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36000 levels on the upside and on a decisive close above expect a rise to 36240-36500. There is an immediate support at 35500-35200 levels.

Technical Call Updates

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