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Market Review:

Indian markets settled with strong gains on Wednesday, extending rise for the fifth straight session. Global stocks were subdued ahead of the release of US inflation data. Tata Group stocks surged on back of Rs 7,500 crore TPG funding in Tata Motors. The S&P BSE Sensex jumped 452.74 points or 0.75% at 60,737.05. The Nifty 50 index gained 169.80 points or 0.94% at 18,161.75.

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 18250. If nifty closes above that, further upside can be expected towards 18340-18450 mark. On the flip side 18070-18000 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 18250 and on a decisive close above expect a rise to 18340-18450 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39000 levels on the upside and on a decisive close above expect a rise to 39340-39700. There is an immediate support at 38450-38150 levels.

Technical Call Updates

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