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Market Review:

Indian markets settled at new life high level on Friday, rising for the second day in a row.FMCG, Banks, Auto Showed some buying interest. The S&P BSE Sensex climbed 1,359.51 points or 1.63% to 84,544.31. The Nifty 50 index advanced 375.15 points or 1.48% to 25,790.95.

Nifty Technical Outlook

Nifty is expected to open on gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 25940. If nifty closes above that, further upside can be expected towards 26050-26140 mark. On the flip side 25700-25600 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 25940 and on a decisive close above expect a rise to 26050-26140 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 53740 levels on the upside and on a decisive close above expect a rise to 54000-54240 There is an immediate support at 53270-53000 levels.

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