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Market Review:

Indian market concluded Thursday's trading session with moderate gains, extending their winning streak to three consecutive days. PSU banks and metal shares rallied. On the other hand, FMCG and IT shares declined.The S&P BSE Sensex, rallied 318.74 points or 0.42% to 77,042.82. The Nifty 50 index rose 98.60 points or 0.42% to 23,311.80.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 23240. If nifty closes below that, further downside can be expected towards 23170-23100 mark. On the flip side 23370-23450 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 23240 and on a decisive close below expect a fall to 23170-23100 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 49200 levels on the downside and on a decisive close below expect a fall to 49000-48740 There is an immediate resistance at 49740-50000 level.

Technical Call Updates

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