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Market Review:

Indian markets recovered from early lows and climbed for the second session in a a row. Oil & gas stocks rallied due to firm crude oil prices. IT stocks were also in demand amid weak rupee. Meanwhile, pharma and realty shares witnessed selling pressure. The barometer index, the S&P BSE Sensex, jumped 445.56 points or 0.75% to 59,744.88. The Nifty 50 index added 131.05 points or 0.74% to 17,822.30.

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 17900. If nifty closes above that, further upside can be expected towards 18000-18080 mark. On the flip side 17730-17650 will act as strong support levels. It’s a stock specific market and 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 18000-18080 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 38000 levels on the upside and on a decisive close above expect a rise to 38250-38500. There is an immediate support at 37500-37230 levels

Technical Call Updates

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