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Market Review:

Indian markets closed higher on Friday, with a healthy uptick in metals and pharma names, although losses in information technology stocks capped the gains. The S&P BSE Sensex advanced 320.09 points or 0.49% to 65,828.41. The Nifty 50 index added 114.75 points or 0.59% to 19,638.30.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 19540. Any move below the same may extend the fall toward 19470-19340 mark. On the flip side 19740-19830 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 19540 and on a decisive close below expect a fall to 19470-19380 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 44650 levels on the downside and on a decisive close below expect a fall to 44440-44260. There is an immediate resistance at 45020-45200 levels.

Technical Call Updates 

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