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Market Review:

Indian markets advanced on Wednesday. FMCG, realty and PSU banks stocks were in demand. The barometer index, the S&P BSE Sensex gained 351.49 points or 0.53% to 66,707.20. The Nifty 50 index added 97.70 points or 0.50% to 19,778.30.

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 19840. If nifty closes above that, further upside can be expected towards 19920-20000 mark. On the flip side 19700-19630 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 19840 and on a decisive close above expect a rise to 19920-20000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 46240 levels on the upside and on a decisive close above expect a rise to 46500-46700. There is an immediate support at 45840-45500 levels.

Technical Call Updates

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