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Market Review:

Indian markets ended with decent gains on Friday, led by gains in metals, PSU banks and oil & gas shares. Strong global cues and rising FII flows into India boosted investors sentiment. The barometer index, the S&P BSE Sensex, was up 113.95 points or 0.19% to 60,950.36. The Nifty 50 index rose 64.45 points or 0.36% to 18,117.15.

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 18270. If nifty closes above that, further upside can be expected towards 18340-18420 mark. On the flip side 18100-18000 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 18270 and on a decisive close above expect a rise to 18340-18420 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 41740 levels on the upside and on a decisive close above expect a rise to 42000-42240. There is an immediate support at 41150-40800 levels.

Technical Call Updates

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