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Market Review:

Indian market ended with minor gains on Thursday. Realty, power, FMCG, and banks advanced, while IT, auto, oil and gas and pharma scrips were under pressure. The barometer index, the S&P BSE Sensex, added 37.87 points or 0.06% to 60,298. The Nifty 50 index advanced 12.25 points or 0.07% to 17,956.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness some profit booking during the day. Nifty has shown a strong rally in it’s last few trading sessions. A slight profit booking is expected. On technical grounds, Nifty has an immediate support at 17850. Any move below the same may extend the fall toward 17780-17700 mark. On the flip side 18050-18130 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 17850 and on a decisive close below expect a fall to 17780-17700 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 39500 levels on the downside and on a decisive close below expect a fall to 39240-39000. There is an immediate resistance at 40000-40270 levels.

Technical Call Updates

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