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Market Review:

Indian markets rallied on Friday, driven by the strong growth forecast for the Indian economy and the expectation of a normal monsoon. The Nifty settled around the 18,500 level following a broad-based rally led by FMCG, IT and realty shares. (FIIs) have been net buyers of Indian equities in recent months. The S&P BSE Sensex advanced 629.07 points or 1.02% to 62,501.69. The Nifty 50 index added 178.20 points or 0.97% to 18,499.35.

Nifty Technical Outlook

Nifty is expected to open with gap up and likely to witness profit moving at higher level. On technical grounds, Nifty has an immediate resistance at 18740. If nifty closes above that, further upside can be expected towards 18800/19000 mark. On the flip side 18400 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 18740 and on a decisive close above expect a rise to 18800/19000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 44300 levels on the upside and on a decisive close above expect a rise to 44500-44750. There is an immediate support at 43800-43550 levels.

Technical Call Updates

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