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Market Review:

Indian market closed flat on Friday after reaching record highs in early trade. Within sectors, media, realty, and consumer durables shares saw gains, whereas PSU banks and oil & gas stocks experienced declines. The S&P BSE Sensex, shed 15.44 points or 0.02% to 73,142.80. The Nifty 50 index lost 4.75 points or 0.02% to 22,212.70.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 22300. If nifty closes above that, further upside can be expected towards 22370-22440 mark. On the flip side 22170-22100 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 22300 and on a decisive close above expect a rise to 22370-22400 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 47200 levels on the upside and on a decisive close above expect a rise to 47500-47800 There is an immediate support at 46600-46370 levels.

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