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Market Review:

Indian markets ended a with strong gains on Thursday. Buying was wide spread with pharma, healthcare and oil & gas shares rising the most. On the other hand, metals and PSU banks declined. The Nifty 50 index added 121.85 points or 0.74% to 16,478.10.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. Till the time Nifty does not cross 16500 on the closing basis, fresh buying will not be seen. On technical grounds, Nifty has an immediate support at 16320. Any move below the same may extend the fall toward 16200-16100 mark. On the flip side 16570- 16650 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 16320 and on a decisive close below expect a fall to 16200-16100 levels.

Bank Nifty

Bank Nifty is continuously taking the resitance of its 50-DMA. Bank Nifty’s next immediate support is around 34850 levels on the downside and on a decisive close below expect a fall to 34550-34230. There is an immediate resistance at 35340-35670 levels.

Technical Call Updates

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