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Market Review:

Indian benchmark ended higher on Thursday. The Nifty closed firmly above the 25,400 mark, forming a higher top and higher bottom pattern on the daily chart. Sector-wise, pharma and healthcare stocks saw strong buying interest, while media and PSU bank shares came under pressure. The S&P BSE Sensex rallied 320.25 points or 0.39% to 83,013.96. The Nifty 50 index added 93.35 points or 0.37% to 25,423.60.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 25340. If Nifty closes below that, further downside can be expected towards 25270-25200 mark. On the flip side 25500-25570 will act as strong resistance levels

Action: Nifty has an immediate Support at 25340 and on a decisive close below expect a fall to 25270-25200 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 55640 levels on the downside and on a decisive close below expect a fall to 55400-55270. There is an immediate resistance at 56140-56370 levels.

Technical Call Updates

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