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

As expected we saw major indexes closed with positive bias. Nifty increased by 1.41% and closed at 18826 levels, Sensex increased by 1.21% and closed at 63384 levels. However bank nifty closed marginally 0.12% lower at 43938 levels. Last week the rupee also appreciated by 0.67% and closed at a 5 week's high of 81.88 levels.   

Robust domestic economic data, Inflation data are positive for the equity market. Net FPIs inflow and Normal monsoon adding the support to the indian equity market. Technically the trend of nifty, sensex and banknifty are positive. 

For the next week nifty has immediate support at 18600 levels and then 18400 levels, While resistance at 18950 levels and then 19200 levels. Banknifty support at 43300 levels and then 42700 levels, while resistance at 44500 levels and then 45000 levels. Sensex has immediate support at 62800 levels and then 62000 levels, while resistance at 64500 and then 65200 levels.

We are expecting the nifty may test 18900 to 19000 levels,  Banknifty may test 43300 to 43600 levels and Sensex may test 64500 to 65000 levels very soon.

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