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Market Review:

Indian market ended with stellar gains on Wednesday. Declining commodity prices and consistent buying by FIIs supported the uptrend. PSU banks, media and IT shares were in demand. On the other hand, healthcare, realty and auto shares declined. The barometer index, the the S&P BSE Sensex, was up 417.92 points or 0.70% to 60,260.13. The Nifty 50 index added 119 points or 0.67% to 17,944.25

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. Nifty is well placed above all its moving averages. On technical grounds, Nifty has an immediate resistance at 18050. If nifty closes above that, further upside can be expected towards 18130-18200 mark. On the flip side 17850-17780 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 18050 and on a decisive close above expect arise to 18130-18200 levels.

Bank Nifty

Bank Nifty has shown a strong rally in last few trading sessions. Bank Nifty faces an immediate resistance around 39750 levels on the upside and on a decisive close above expect a rise to 40000-40270. There is an immediate support at 39240-39000 levels.

Technical Call Updates

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