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Market Review:

Indian benchmark ended with modest gains on Thursday after the government unveiled sweeping tax cuts under a major Goods and Services Tax (GST) overhaul. The Nifty closed above the 24,700 mark, with auto and FMCG shares leading the advance, while PSU banks and energy stocks lagged. The S&P BSE Sensex added 150.30 points, or 0.19%, to close at 80,718.01, while the Nifty 50 advanced 19.25 points, or 0.08%, to 24,734.30.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 24810. If Nifty closes above that, further upside can be expected towards 24870-24940 mark. On the flip side 24670-24600 will act as strong support levels.

Action: Nifty has an immediate Resistance at 24810 and on a decisive close above expect a rise to 24870-24940 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 54540 levels on the upside and on a decisive close above expect a rise to 54770-55000. There is an immediate support at 54000-53800 levels.

Technical Call Updates

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