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Below are Views on Nifty and Banknifty Outlook By Mr. Anuj Gupta, Vice President, IIFL Securities

Last week nifty marginally corrected by 0.61% and closed at 18203 levels, Banknifty increased by 0.40% and closed at 43969 levels. Sensex corrected marginally by 0.47% and closed at 61729 levels.

We observed range bound movement in the indian stock market due to profit booking in some sectors like metals, capital goods, healthcare, textile, logisctics.

Technically for the next week nifty may found strong support at 18000 levels and then 17700 levels while resistance at 18400 levels and then 18700 levels. Banknifty has immediate support at 43200 levels and then 42500 levels while resistance at 44500 levels and then 45200 levels. Sensex has immediate support at 60600 levels and then 59500 levels while resistance at 63000 and then 63900 levels.

Technically there is no big change in the trend of nifty and sensex as showing the range bound movementum. We are expecting that indexes may trade between the range. So it is advisabel to trade between the range only.

Rs2000/- step by rbi may curb the sharp appreciation in the market but buy on support levels may be seen in the market.

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