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Market Review:

Indian markets ended with solid gains on Friday with the Nifty closing above the 16,500 mark. Investors sentiment improved after India's retail inflation fell below the Reserve bank of India (RBI)'s threshold of 6% in July 2021. IT, FMCG, metal and banks shares advanced while pharma shares declined for the fourth session. The barometer index, the S&P BSE Sensex, advanced 593.31 points or 1.08% to 55,437.29. The Nifty 50 index added 164.70 points or 1.01% to 16,529.10.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 16430. Any move below the same may extend the fall towards 16350-16270 mark. On the flip side 16600-16700 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 16430 and on a decisive close below expect a fall to 16350-16270 levels.

Bank Nifty

Bank Nifty faces an immediate support around 36000 level on the downside and on a decisive close below expect a fall to 35820-35500. There is an Immediate resistance at 36400-36640 levels.

Technical Call Updates

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