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Market Review:

Indian markets ended with sharp cuts on Friday, tracking dismal global cues amid renewed COVID-19 fears over a new variant found in South Africa. Barring the pharma and healthcare indices, all the sectoral indices on the NSE ended in the red. Auto, metal and realty shares slumped. The barometer index, the S&P BSE Sensex, tumbled 1687.94 points or 2. 87% at 57,107.15. The Nifty 50 index crashed 509.80 points or 2.91% at 17,026.45.

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 17280-17370 mark. On the flip side 16900-16770 will act as strong support levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 17150 and on a decisive close above expect a rise to 17280-17370 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36400 levels on the upside and on a decisive close above expect a rise to 36740-37000. There is an immediate support at 35670-35300 levels.

Technical Call Updates

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