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Market Review:

Indian markets ended with small losses on Tuesday. PSU banks and pharma shares advanced, while metal and auto sector shares were under pressure. The barometer index, the S&P BSE Sensex slipped 106.98 points or 0.16% to 65,846.50. The Nifty 50 index shed 26.45 points or 0.13% to 19,570.85.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 19640. If nifty closes above that, further upside can be expected towards 19730-19800 mark. On the flip side 19500-19420 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 19640 and on a decisive close above expect a rise to 19730-19800 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 45240 levels on the upside and on a decisive close above expect a rise to 45500-45770. There is an immediate support at 44800-44550 levels.

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