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Market Review:

Indian markets ended with strong gains on Thursday, extending their winning run to sixth consecutive session. Positive global stocks boosted sentiment. The Nifty hit a record high of 18,350.75 and the Sensex hit an all time high of 61,353.25 in late trade. The barometer index, the S&P BSE Sensex, rallied 568.90 points or 0.94% to 61,305.95. The Nifty 50 index added 176.80 points or 0.97% to 18,338.55.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 18420. If nifty closes above that, further upside can be expected towards 18500-18600 mark. On the flip side 18250-18170 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 18420 and on a decisive close above expect a rise to 18500-18600 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39700 levels on the upside and on a decisive close above expect a rise to 40000-40270. There is an immediate support at 39150-38900 levels

Technical Call Updates

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