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Market Review:

Indian markets ended with strong gains on Wednesday, tracking strong global cues. Positive domestic economic data also boosted sentiment. Pharma and healthcare stocks declined while banks and metal shares advanced. The S&P BSE Sensex, gained 619.92 points or 1.09% to 57,684.79. The Nifty 50 index added 183.70 points or 1.08% to 17,166.90.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 17080. Any move below the same may extend the fall toward 17000-16920 mark. On the flip side 17230-17300 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17080 and on a decisive close below expect a fall to 17000-16920 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36100 levels on the upside and on a decisive close above expect a rise to 35870-35500. There is an immediate support at 36750-37000 levels.

Technical Call Updates

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