Market Review:
Indian markets rose for the fifth trading session on Thursday, after the Reserve Bank of India kept its key policy rate unchanged. Auto, realty and financial shares were in demand. On the other hand, FMCG, IT and consumer durables stocks declined. The barometer index, the S&P BSE Sensex gained 143.66 points or 0.24% to 59,832.97. The Nifty 50 index added 42.10 points or 0.24% to 17,599.15.
Nifty Technical Outlook;
Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 17670. If nifty closes above that, further upside can be expected towards 17750-17840 mark. On the flip side 17520-17440 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 17670 and on a decisive close above expect a rise to 17750-17840 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 41400 levels on the upside and on a decisive close above expect a rise to 41650-42000. There is an immediate support at 40900-40680 levels
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