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Market Review:

Indian markets ended with decent gains on Thursday amid mixed global cues. Realty, metals and oil & gas stocks advanced. On the other hand, IT, autos and financial shares were on the back foot. The barometer index, the S&P BSE Sensex, gained 212.88 points or 0.36% to 59,756.84. The Nifty 50 index added 80.60 points or 0.46% to 17736.95.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 17820. If nifty closes above that, further upside can be expected towards 17900-18000 mark. On the flip side 17640-17570 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 17820 and on a decisive close above expect a rise to 17900-18000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 41500 levels on the upside and on a decisive close above expect a rise to 41770-42000. There is an immediate support at 41000-40750 levels.

Technical Call Updates

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