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Market Review:

Indian market benchmarks closed with modest gains on Thursday, buoyed by a firmness in IT stocks. Shares of consumer durables, and media companies also performed well. On the other hand, energy and private banks shares declined. The S&P BSE Sensex rose 115.39 points or 0.15% to 76,520.38. The Nifty 50 index added 50 points or 0.22% to 23,205.35.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 23270. If nifty closes above that, further upside can be expected towards 23340-23400 mark. On the flip side 23140-23070 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 23270 and on a decisive close above expect a rise to 23340-23400 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 48940 levels on the upside and on a decisive close above expect a rise to 49270-49540 There is an immediate support at 48370-48000 levels.

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