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Market Review:Indian markets rebounded on Thursday, fueled by buying across most sectors. Oil & gas, metals, and media stocks saw strong demand, while banks and financials dipped. The S&P BSE Sensex gained 335.39 points or 0.46% to 73,097.28. The Nifty 50 index added 148.95 points or 0.68% to 22,146.65.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 22040. Any move below the same may extend the fall toward 21940-21870 mark. On the flip side 22240-22300 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 22040 and on a decisive close below expect a fall to 21940-21870 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 46700 levels on the downside and on a decisive close below expect a fall to 46400-46200. There is an immediate resistance at 47370-47740 levels.

Technical Call Updates

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