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Market Review:

Indain market ended near the flat line after a lacklustre session on Wednesday. Metals, private banks and healthcare stocks were in demand while IT, realty and consumer durables shares corrected. The barometer index, the S&P BSE Sensex, slipped 35.78 points or 0.06% to 58,817.29. The Nifty 50 index rose 9.65 points or 0.06% to 17,534.75.

Nifty Technical Outlook

Nifty is expected to open gap up note and likely to witness positive move during the day. Nifty is well placed above all its moving averages. Currently Nifty is showing sideways movement. A breakout is expected in Nifty. 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 17450-17380 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 arise to 17670-17750 levels.

Bank Nifty

Bank Nifty has given a breakout in yesterday’s session and ended on a positive note. Bank Nifty faces an immediate resistance around 38650 levels on the upside and on a decisive close above expect a rise to 39000-39270. There is an immediate support at 38000-37650 levels.

Technical Call Updates

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