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Market Review:

Indian market settled higher on Thursday, with the Nifty50 reaching a new high of 22,252.50. IT, auto and metal shares advanced, while banks and financial stocks declined. The S&P BSE Sensex jumped 535.15 points or 0.74% to 73,158.24. The Nifty 50 index added 162.40 points or 0.74% to 22,217.45.

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 22270. If nifty closes above that, further upside can be expected towards 22340-22400 mark. On the flip side 22140-22040 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 22270 and on a decisive close above expect a rise to 22340-22400 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 47440-47700 There is an immediate support at 46800-46300 levels.

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