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Market Review:

Indian market ended with decent gains on Friday, tracking positive global cues. Sustained buying by FPIs and easing crude oil prices also supported buying. Oil & gas, metal and realty shares advanced while media, healthcare and IT shares declined. The barometer index, the S&P BSE Sensex, rose 130.18 points or 0.22% to 59,462.78. The Nifty 50 index rose 39.15 points or 0.22% to 17,698.15

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Nifty is well placed above all its moving averages. Currently Nifty is showing sideways movement. On technical grounds, Nifty has an immediate resistance at 17770. If nifty closes above that, further upside can be expected towards 17840-17920 mark. On the flip side 17620-17550 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 17770 and on a decisive close above expect arise to 17840-17920 levels.

Bank Nifty

Bank Nifty has given a strong breakout and ended on a positive note. Bank Nifty faces an immediate resistance around 39320 levels on the upside and on a decisive close above expect a rise to 39550-39870. There is an immediate support at 38870-38500 levels.

Technical Call Updates

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