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Market Review:

Indian markets ended with major gains on Wednesday, snapping a five-day losing streak. Auto, oil & gas and IT stocks boosted the main indices while PSU banks and metal stocks declined. The barometer index, S&P BSE Sensex rallied 574.35 points or 1.02% at 57,037.50. The Nifty 50 index rose 177.90 points or 1.05% at 17,136.55.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Nifty has formed an inside candle in yesterday’s session. Nifty is likely to take the resistance of it’s 200 DMA followed by 100 DMA. On technical grounds, Nifty has an immediate resistance at 17220. If nifty closes above that, further upside can be expected towards 17310-17400 mark. On the flip side 17080-17000 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 17220 and on a decisive close above expect a rise to 17310-17400 levels.

Bank Nifty

Bank Nifty is likely to take the resistance of it’s 50 DMA. Bank Nifty faces an immediate resistance around 36740 levels on the upside and on a decisive close above expect a rise to 37000-37280. There is an immediate support at 36180-35900 levels.

Technical Call Updates

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