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Market Review:

Indian market ended with stellar gains on Friday. Softening commodity prices and net buying by foreign institutional investors (FIIs) in the past few sessions also boosted the sentiment. Metals, oil & gas and IT shares rallied. On the other hand, PSU banks stocks declined. The barometer index, the S&P BSE Sensex, jumped 712. 46 points or 1.25% to 57,570.25. The Nifty 50 index advanced 228.65 points or 1.35% to 17,158.25.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. Nifty has successfully closed above its 200 DMA. On technical grounds, Nifty has an immediate resistance at 17230. If nifty closes above that, further upside can be expected towards 17300-17380 mark. On the flip side 17080-17000 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 17230 and on a decisive close above expect arise to 17300-17380 levels.

Bank Nifty

Bank Nifty is well sustained above its 200 DMA which is a positive sign for this index. Bank Nifty faces an immediate resistance around 37820 levels on the upside and on a decisive close above expect a rise to 38150-38500. There is an immediate support at 37300-37000 levels.

Technical Call Updates

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