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Market Review:

Indian markets rose for the fifth straight session on Thursday. IT, PSU banks and oil & gas stocks were in demand. However, private banks, financial stocks and consumer durables stocks declined. The barometer index, the S&P BSE Sensex, rose 95.71 points or 0.16% 59,202.90. The Nifty 50 index gained 51.70 points or 0.30% to 17,563.95.

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 17600. If nifty closes above that, further upside can be expected towards 17670-17750 mark. On the flip side 17440-17350 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 17600 and on a decisive close above expect a rise to 17670-17750 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 40500 levels on the upside and on a decisive close above expect a rise to 40750-41000. There is an immediate support at 40000-39770 levels.

Technical Call Updates

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