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Market Review:

Indian markets ended ended with strong gains on Tuesday, recovering from yesterday's steep sell off. Barring IT and pharma, all the sectoral indices on the NSE ended in green. The barometer index, the S&P BSE Sensex, rose 660.68 points or 1.38% at 48,544.06. The Nifty 50 index gained 194 points or 1.36% at 14,504.80.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 14700. If nifty closes above that, further upside can be expected towards 14840-15000 mark. On the flip side 14350-14240 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 14700 and on a decisive close above expect a rise to 14840-15000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 32350 levels on the upside and on a decisive close above expect a rise to 32800-33300. There is an immediate support at 31300-30850 levels.

Technical Call Updates

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