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Market Review:

Indian markets barometers experienced modest losses on Tuesday. While pharma and healthcare stocks bucked the trend, consumer durables, financial services, and FMCG stocks declined. The S&P BSE Sensex falling 183.74 points or 0.31% to 59,727.01, and the Nifty 50 index losing 46.70 points or 0.26% to 17,660.15.

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 support at 17600. Any move below the same may extend the fall toward 17530-17450 mark. On the flip side 17750-17840 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17600 and on a decisive close below expect a fall to 17530-17450 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 42150 levels on the downside and on a decisive close below expect a fall to 41950-41740. There is an immediate resistance at 42550-42740 levels.

Technical Call Updates

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