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Market Review:

Indian market snapped three-day rising streak and ended with minor losses on Friday, tracking negative global cues. Investors booked profits after the domestic equity benchmarks rose about 3.60% in the past three sessions. The barometer index, the S&P BSE Sensex, shed 20.46 points or 0.03% to 58,786.67. The Nifty 50 index lost 5.55 points or 0.03% to 17,511.30.

Nifty Technical Outlook

Nifty is expected to open gap up likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 17640. If nifty closes above that, further upside can be expected towards 17720-17800 mark. On the flip side 17450-17350 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 17640 and on a decisive close above expect a rise to 17720-17800 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 37580 levels on the upside and on a decisive close above expect a rise to 38000-38340. There is an immediate support at 37000-36770 levels.

Technical Call Updates

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