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Market Review:

Indian market ended with minor cuts on Thursday amid negative global cues. After hitting the day's high of 16,070.85 in morning trade, the index declined as the session progressed and hit the day's low of 15,858.20. Oil & gas, pharma and healthcare shares were in demand. Meanwhile, IT and bank shares dragged.Sensex, was down 98 points or 0.18% to 53,416.15. The Nifty 50 index fell 28 points or 0.18% to 15,938.65

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness bounce back during the day. As long as Nifty is holding the lows of 15840, a reversal is expected. On technical grounds, Nifty has an immediate resistance at 16040. If nifty closes above that, further upside can be expected towards 16130-16300 mark. On the flip side 15900-15860 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 16040 and on a decisive close above expect arise to 16130/16270 levels.

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Bank Nifty

Bank Nifty faces an immediate resistance around 34940 levels on the upside and on a decisive close above expect a rise to 35200-35500. There is an immediate support at 34460-34270 levels.

Technical Call Updates

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