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Market Review:

Indian market benchmarks ended with minor gains on thursday. The Nifty closed above the 24,600 mark. Gains, however, were capped by weakness in metal and energy stocks. The S&P BSE Sensex added 57.75 points or 0.07% to 80,597.66. The Nifty 50 index rose 11.95 points or 0.05% to 24,631.30. In two trading sessions, the Sensex and Nifty jumped 0.45% and 0.59%, respectively.

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 24700. If Nifty closes above that, further upside can be expected towards 24770-24840 mark. On the flip side 24570-24500 will act as strong support levels.

Action: Nifty has an immediate Resistance at 24700 and on a decisive close above expect a rise to 24770-24840 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 55770 levels on the upside and on a decisive close above expect a rise to 55970-56200. There is an immediate support at 55270-55000 levels.

Technical Call Updates

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