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Market Review:

Indian markets ended with strong gains on Thursday, boosted by strength in index heavyweight Reliance Industries. Trading was volatile due to expiry of monthly derivative contracts on the NSE. The barometer index, the S&P BSE Sensex, jumped 454.10 points or 0.78% at 58,795.09. The Nifty 50 index gained 121.20 points or 0.70% at 17,536.25.

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 17370. Any move below the same may extend the fall toward 17250-17150 mark. On the flip side 17640-17750 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 17370 and on a decisive close below expect a fall to 17250-17150 levels.

Bank Nifty

Bank Nifty faces an immediate support around 37000 levels on the downside and on a decisive close below expect a fall to 36640-36200. There is an immediate resistance at 37770-38000 levels.

Technical Call Updates

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