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Market Review:

Indian markets ended with small losses on Friday. IT, pharma and healthcare stocks advanced. On the flip side, banks and auto stocks dragged. The barometer index, the S&P BSE Sensex, fell 76.71 points or 0.13% at 57,200.23. The Nifty 50 index slipped 8.20 points or 0.05% at 17,101.95.

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 17270. If nifty closes above that, further upside can be expected towards 17380-17500 mark. On the flip side 17000-16910 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 17270 and on a decisive close above expect a rise to 17380-17500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 38100 levels on the upside and on a decisive close above expect a rise to 38500-38880. There is an immediate support at 37500-37130 levels.

Technical Call Updates

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