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Market Review:

Indain market ended near the flat line after a volatile session on Thursday, snapping a six-day rising streak. Trading was volatile due to the expiry of weekly ind. Trading was volatile due to the expiry of weekly index options. Pharma, healthcare and IT stocks supported the indices. On the other hand, PSU banks, realty and media stocks were under pressure. BSE Sensex, was down 51.73 points or 0.09% to 58,298.80. The Nifty 50 index declined 6.15 points or 0.04% to 17,382.

Nifty Technical Outlook

Nifty is expected to open on positive note and likely to witness sideways move during the day. Nifty is well placed above its 200 DMA. On technical grounds, Nifty has an immediate resistance at 17490. If nifty closes above that, further upside can be expected towards 17540- 17630 mark. On the flip side 17300-17240 will act as strong support levels. It’s a stock specific market trade calls with strict stop

Action: Nifty has an immediate resistance placed at 17490 and on a decisive close above expect arise to 17540-17630 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 37900 levels on the upside and on a decisive close above expect a rise to 38200-38540. There is an immediate support at 37300-37000 levels.

Technical Call Updates

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