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Market Review:

Indian markets ended with modest gains after a volatile session on Friday. Banks, financials, FMCG and pharma shares advanced while metal corrected after a three-day streak. The barometer index, the S&P BSE Sensex, gained 303.38 points or 0.56% to 54,481.84. The Nifty 50 index rose 87.70 points or 0.54% to 16,220.60.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. After a huge rally a slight profit booking is expected. Nifty is likely to retest its 50 DMA in the coming sessions. On technical grounds, Nifty has an immediate support at 16150. Any move below the same may extend the fall toward 16080-16000 mark. On the flip side 16300-16370 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 16150 and on a decisive close below expect a fall to 16080-16000 levels.

Bank Nifty

Bank Nifty has taken the resistance of its 100 DMA. A slight profit booking is expected in this index. Bank Nifty’s next immediate support is around 35000 levels on the downside and on a decisive close below expect a fall to 34750-34500. There is an immediate resistance at 35500-35740 levels.

Technical Call Updates

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