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Market Review:

Indian markets ended near the day's high after a strong session on Wednesday. Cabinet approval for production linked incentives (PLI) for auto sector and relief measures for telecom sector boosted sentiment. The barometer index, the S&P BSE Sensex, surged 476.11 points or 0.82% to 58,723.20. The Nifty 50 index advanced 139.45 points or 0.80% to 17,519.45.

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 17680-17750 mark. On the flip side 17430-17340 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 17600 and on a decisive close above expect a rise to 17680-17750 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 37160 levels on the upside and on a decisive close above expect a rise to 37350-37600. There is an immediate support at 36650-36400 levels.

Technical Call Updates

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