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Market Review:

Indian markets ended with modest cuts on Thursday. FMCG shares were in demand while pharma and healthcare stocks were under pressure. The S&P BSE Sensex fell 115.48 points or 0.20% at 58,568.51. The Nifty 50 index lost 33.50 points or 0.19% at 17,464.75.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. Nifty has given the breakout of it’s 100 DMA but could not close above it’s previous day’s high. On technical grounds, Nifty has an immediate resistance at 17540. If nifty closes above that, further upside can be expected towards 17620-17700 mark. On the flip side 17400-17330 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 17540 and on a decisive close above expect a rise to 17620-17700 levels.

Bank Nifty

Bank Nifty is trading sideways from last 4-5 trading sessions. Bank Nifty tried breaking the resistance of it’s averages in yesterday’s trading session but failed to do so. Bank Nifty faces an immediate resistance around 36760 levels on the upside and on a decisive close above expect a rise to 37000-37350. There is an immediate support at 36130-35880 levels.

Technical Call Updates

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