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Market Review:

Indian markets edged higher on Thursday, extending their winning streak to two days. Media, metal and FMCG shares were in demand. On the other hand, oil &gas and banks shares were under pressure. The S&P BSE Sensex added 33.40 points or 0.05% to 74,119.39. The Nifty 50 index rose 19.50 points or 0.09% to 22,493.55.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 22570. If nifty closes above that, further upside can be expected towards 22640-22700 mark. On the flip side 22440-22370 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 22570 and on a decisive close above expect a rise to 22640-22700 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 48150 levels on the upside and on a decisive close above expect a rise to 48340-48500 There is an immediate support at 47820-47700 levels.

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