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Market Review:

Indian markets ended ended a volatile session with decent gains on Friday. The Nifty ended above the 15,850 level after slipping below 15,800 mark in early trade. Positive global cues supported buying in domestic shares. The barometer index, the S&P BSE Sensex, added 138.59 points or 0.26% at 52,975.80. The Nifty 50 index advanced 32 points, or 0.2% at 15,856.05.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 15780. Any move below the same may extend the fall towards 15700-15630 mark. On the flip side 15920-16000 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 15780 and on a decisive close below expect a fall to 15700-15630 levels.

Bank Nifty

Bank Nifty faces an immediate support around 34600 level on the downside and on a decisive close below expect a fall to 34250-34000. There is an Immediate resistance at 35300-35600 levels.

Technical Call Updates

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