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Market Review:

Indian markets ended with strong gains on Tuesday. Metals and banks stocks were in demand. While IT and consumer durables stocks were under pressure. The S&P BSE Sensex went up by 311.21 points or 0.52% to reach 60,157.72. The Nifty 50 index rose 98.25 points or 0.56% to reach 17,722.30.

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 17800. If nifty closes above that, further upside can be expected towards 17880-18000 mark. On the flip side 17670-17600 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 17800 and on a decisive close above expect a rise to 17880-18000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 41740 levels on the upside and on a decisive close above expect a rise to 42000-42280. There is an immediate support at 41200-40920 levels.

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