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Market Review:

Indian markets ended a volatile session with steep losses on Friday. All the sectoral indices on the NSE ended in the red, with media, realty and metal stocks declining the most. The barometer index, the S&P BSE Sensex declined 398.18 points or 0.69% to 57,527.10. The Nifty 50 index shed 131.85 points or 0.77% to 16,945.05.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 17070. If nifty closes above that, further upside can be expected towards 17180-17250 mark. On the flip side 16870-16800 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 17070 and on a decisive close above expect a rise to 17180-17250 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39740 levels on the upside and on a decisive close above expect a rise to 40000-40280. There is an immediate support at 39240-39000 levels.

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