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Market Review:

Indian markets ended with robust gains on Friday, snapping a threeday losing streak. PSU banks and media stocks corrected while IT and realty stocks rallied. The barometer index, the S&P BSE Sensex, rallied 767 points or 1.28% to 60686.69. The Nifty 50 index added 229.15 points or 1.28% to 18,102.75.

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 18180. If nifty closes above that, further upside can be expected towards 18260-18350 mark. On the flip side 18000-17920 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 18180 and on a decisive close above expect a rise to 18260-18350 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39150 levels on the upside and on a decisive close above expect a rise to 39440-39700. There is an immediate support at 38500-38240 levels.

Technical Call Updates

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