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Market Review:

Indian market closed with slight gains on Thursday, marking the third consecutive trading day of positive performance. There was increased demand for shares in PSU banks, oil & gas, and the auto sector, while FMCG, healthcare, and media shares experienced downward pressure. The S&P BSE Sensex gained 227.55 points or 0.32% to 72,050.38. The Nifty 50 index added 70.70 points or 0.32% to 21,910.75

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 22000. If nifty closes above that, further upside can be expected towards 22070-22200 mark. On the flip side 21830-21750 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 22000 and on a decisive close above expect a rise to 22070-22200 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 46670 levels on the upside and on a decisive close above expect a rise to 46960-47400 There is an immediate support at 45900-45400 levels.

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