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Market Review:

Indian markets ended with significant gains on Thursday. Pharma, healthcare and private banks were in demand. Meanwhile, IT and consumer durables declined. The barometer index, the S&P BSE Sensex jumped 474.46 points or 0.71% to 67,571.90. The Nifty 50 index advanced 146 points or 0.74% to 19,979.15.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 19900. Any move below the same may extend the fall toward 19830-19700 mark. On the flip side 20050-20140 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 19900 and on a decisive close below expect a fall to 19830-19700 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 45800 levels on the downside and on a decisive close below expect a fall to 45500-45150. There is an immediate resistance at 46400-46740 levels.

Technical Call Updates

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