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Market Review:

Indian markets advanced on Friday, due to firm global cues. Recovery in banking, financials, FMCG, and pharma sectors. Meanwhile, buying continued in midcap and smallcap spaces. The barometer index, the S&P BSE Sensex, advanced 466.95 points or 0.74% to 63,384.58. The Nifty 50 index added 137.90 points or 0.74% to 18,826.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 18900. If nifty closes above that, further upside can be expected towards 19000-19070 mark. On the flip side 18740-18650 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 18900 and on a decisive close above expect a rise to 19000-19070 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 44550-44800. There is an immediate support at 43800-43500 levels.

Technical Call Updates

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