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Market Review:

Indian markets ended with decent gains on Tuesday, rising for the fourth consecutive session. However, banks and auto shares lagged. Positive global cues and encouraging domestic economic data supported buying. The barometer index, the S&P BSE Sensex, advanced 374.76 points or 0.62% to 61,121.35. The Nifty 50 index gained 133.20 points or 0.74% to 18,145.40.

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 18240. If nifty closes above that, further upside can be expected towards 18350-18420 mark. On the flip side 18080-18000 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 18240 and on a decisive close above expect a rise to 18350-18420 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 41700 levels on the upside and on a decisive close above expect a rise to 42000-42240. There is an immediate support at 41250-41000 levels.

Technical Call Updates

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