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Market Review:

Indian markets ended with robust gains on Thursday. Barring the Nifty IT index, all the sectoral indices on the NSE ended in the green. FMCG shares were in demand. The barometer index, the S&P BSE Sensex, jumped 817.06 points or 1.50% at 55,464.39. The Nifty 50 index advanced 249.55 points or 1.53% at 16,594.90.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. Nifty is likely to take a resistance of it’s 200 DMA in the coming sessions. Nifty has an immediate support at 16440. Any move below the same may extend the fall toward 16320-16200 mark. On the flip side 16700-16820 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 16440 and on a decisive close below expect a fall to 16320-16200 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 34100 levels on the downside and on a decisive close below expect a fall to 33740- 33350. There is an immediate resistance at 34900-35230 levels.

Technical Call Updates

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