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Market Review:

Indian markets ended with decent gains on Thursday. IT, auto and realty shares were in demand. On the other hand, FMCG and PSU banks corrected. The S&P BSE Sensex jumped 348.80 points or 0.58% to 60,649.38, rising for the sixth straight session. The Nifty 50 index rose 101.45 points or 0.57% to 17,915.05.

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 18000. If nifty closes above that, further upside can be expected towards 18080-18150 mark. On the flip side 17840-17750 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 18000 and on a decisive close above expect a rise to 18080-18150 levels

Bank Nifty

Bank Nifty faces an immediate resistance around 43240 levels on the upside and on a decisive close above expect a rise to 43500-43750. There is an immediate support at 42800-42640 levels.

Technical Call Updates

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