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Market Review:

Indian markets ended with minor gains amid a volatile session on Friday. Pharma and IT shares were in demand while banks and financial shares witnessed selling. The barometer index, the S&P BSE Sensex, added 28.35 points or 0.06% to 48,832.03. The Nifty 50 index advanced 36.40 points or 0.25% to 14,617.85

Nifty Technical Outlook

Nifty is expected to open gap down likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 14500. Any move below the same may extend the fall towards 14370-14250 mark. On the flip side 14700-14840 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 14500 and on a decisive close below expect a fall to 14370-14250 levels.

Bank Nifty

Bank Nifty faces an immediate support around 31750 level on the downside and on a decisive close below expect a fall to 31200-30800. There is an Immediate resistance at 32450-33000 levels.

Technical Call Updates

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