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Market Review:

Indian markets experienced a rebound on Wednesday. The rally was supported by the metal, oil & gas, and banking shares. The S&P BSE Sensex advanced 245.86 points or 0.37% to 67,466.99. The Nifty 50 index added 76.80 points or 0.38% to 20,070.

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 20140. If nifty closes above that, further upside can be expected towards 20240-20340 mark. On the flip side 19970-19880 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 20140 and on a decisive close above expect a rise to 20240-20340 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 46420-46620. There is an immediate support at 45630-45250 levels.

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