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Market Review:

Indian markets ended with modest gains on Friday. Strengthening rupee and decent Q2 earnings supported buying in domestic shares. Autos and oil & gas stocks were in demand. However, metals, pharma and healthcare stocks declined. The barometer index, the S&P BSE Sensex, rose 203.01 points or 0.34% to 59,959.85. The Nifty 50 index gained 49.85 points or 0.28% to 17,786.80.

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 17900 and on a decisive close above expect a rise to 18000/18120 levels

Bank Nifty

Bank Nifty faces an immediate resistance around 41600 levels on the upside and on a decisive close above expect a rise to 41800-42000. There is an immediate support at 41000-40740 levels.

Technical Call Updates

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