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Market Review:

Indian markets erased intraday losses and ended with modest gains on Wednesday. Banks and healthcare stocks were in demand, while media, realty and oil & gas stocks were under pressure. The S&P BSE Sensex gained 408.86 points or 0.55% to 74,085.99. The Nifty 50 index added 117.75 points or 0.53% to 22,474.05.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 22540. If nifty closes above that, further upside can be expected towards 22670-22740 mark. On the flip side 22370-22300 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 22540 and on a decisive close above expect a rise to 22670-22740 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 48400 levels on the upside and on a decisive close above expect a rise to 48700-49000 There is an immediate support at 47770-47420 levels.

Technical Call Updates

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