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Market Review:

Indian market settled with marginal gains on Friday, reflecting a cautious approach among investors awaiting further market triggers. While banks stocks bounced, metals and oil & gas stocks saw selling pressure. This uncertainty is linked to worries about potential delays in rate cuts by the US Federal Reserve. The S&P BSE Sensex advanced 167.06 points or 0.23% to 71,595.49. The Nifty 50 index rose 64.55 points or 0.30% to 21,782.50.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 21840. If nifty closes above that, further upside can be expected towards 21930-22000 mark. On the flip side 21670-21560 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 21840 and on a decisive close above expect a rise to 21930-22000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 46200 levels on the upside and on a decisive close above expect a rise to 46530-47100 There is an immediate support at 45350-44800 levels.

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