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Market Review:

Indian markets ended with modest gains on Thursday. Realty, PSU banks and FMCG shares were in demand. Trading was volatile due to expiry of weekly index options on the NSE today. The barometer index, the S&P BSE Sensex, rose 384.72 points or 0.68% to 57,315.28. The Nifty 50 index gained 117.15 points or 0.69% to 17,072.60.

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 17150. If nifty closes above that, further upside can be expected towards 17230-17300 mark. On the flip side 17000-16930 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 17150 and on a decisive close above expect a rise to 17230-17300 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35500 levels on the upside and on a decisive close above expect a rise to 35750-36000. There is an immediate support at 35000-34820 levels.

Technical Call Updates

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