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Market Review:

Indian markets ended with strong gains on Friday, mirroring firm global stocks. All the sectoral indices on the NSE ended in the green. The Nifty closed above the 14,500 mark on bargain hunting after correcting 3.31% in the past two sessions. The barometer index, the S&P BSE Sensex, was up 568.38 points or 1.17% to 49,008.50. The Nifty 50 index surged 182.40 points or 1.27% to 14,507.30.

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 14580. If nifty closes above that, further upside can be expected towards 14670-14750 mark. On the flip side 14420-14300 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 14580 and on a decisive close above expect a rise to 14670-14750 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 33850 levels on the upside and on a decisive close above expect a rise to 34150-34700. There is an immediate support at 33350-33000 levels.

Technical Call Updates

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