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Market Review:

Indian markets kicked off the calendar year 2022 on a robust note as the Nifty settled above 17,600 mark. Barring the pharma and healthcare, all the sectoral indices on the NSE ended in the green. Banks and financial shares were in demand. Auto shares climbed on encouraging monthly sales data. The barometer index, the S&P BSE Sensex, jumped 929.40 points or 1.60% at 59,183.22. The Nifty 50 index surged 271.65 points or 1.57% at 17,625.70.

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 17700. If nifty closes above that, further upside can be expected towards 17780-17850 mark. On the flip side 17550-17470 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 17700 and on a decisive close above expect a rise to 17780-17850 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36900 levels on the upside and on a decisive close above expect a rise to 37240-37600. There is an immediate support at 36300-36000 levels.

Technical Call Updates

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