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Market Review:

Indian markets rebounded after two days of relentless selling and closed near the day's high. The rally was backed by strength in banks, metals and IT stocks. All the sectoral indices on the NSE ended in the green. Shares rallied across the globe amid hopes that the Omicron variant of the coronivirus would be mild. The barometer index, the S&P BSE Sensex, surged 886.51 points or 1.56% to 57,633.65. The Nifty 50 index rallied 264.45 points or 1.56% to 17,176.70.

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 17250. If nifty closes above that, further upside can be expected towards 17370-17440 mark. On the flip side 17100-17000 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 17250 and on a decisive close above expect a rise to 17370-17440 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 37000 levels on the upside and on a decisive close above expect a rise to 37270-37600. There is an immediate support at 36500-36240 levels.

Technical Call Updates

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