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Market Review:

Indian markets ended with minor cuts after a volatile session on Tuesday. Investors were cautious amid fears of further rate tightening from the Reserve Bank of India. Banks shares advanced while media, realty and auto shares declined. The barometer index, the S&P BSE Sensex fell 40.14 points or 0.07% to 57,613.72. The Nifty 50 index lost 34 points or 0.20% to 16,951.70.

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 17040. If nifty closes above that, further upside can be expected towards 17120-17200 mark. On the flip side 16880-16800 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 17040 and on a decisive close above expect a rise to 17120-17200 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39780 levels on the upside and on a decisive close above expect a rise to 40000-40280. There is an immediate support at 39300-39000 levels.

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