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Market Review:

Indian market benchmarks closed with moderate gains on Wednesday. Consumer durables, realty, and PSU bank shares saw gains, while IT and FMCG shares declined. The S&P BSE Sensex advanced 147.79 points or 0.20% to 75,449.05. The Nifty 50 index added 73.30 points or 0.32% to 22,907.60.

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 23000. If nifty closes above that, further upside can be expected towards 23070-23140 mark. On the flip side 22840-22770 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 23000 and on a decisive close above expect a rise to 23070-23140 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 50000 levels on the upside and on a decisive close above expect a rise to 50240- 50500.There is an immediate support at 49540-49270 levels.

Technical Call Updates

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