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Market Review:

Indian markets ended with decent gains on the last trading day of 2021. All the sectoral indices on the NSE ended higher. Metals, auto and consumer durables stocks were in demand. The barometer index, the S&P BSE Sensex, rose 459.50 points or 0.80% to 58,253.82. The Nifty 50 index added 150.10 points or 0.87% to 17,354.05.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 17430. If nifty closes above that, further upside can be expected towards 17500-17580 mark. On the flip side 17260-17170 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 17430 and on a decisive close above expect a rise to 17500-17580 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35850 levels on the upside and on a decisive close above expect a rise to 36070-36380. There is an immediate support at 35300-35000 levels.

Technical Call Updates

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