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Market Review:

Indian markets ended with major losses on Tuesday, extending their losing run to fifth consecutive session. Intense selling in HDFC Twins and Infosys dragged the headline indices lower. Barring the Nifty Oil & Gas index, all the sectoral indices on the NSE ended in the red. The barometer index, S&P BSE Sensex tumbled 703.59 points or 1.23% at 56,463.15. The Nifty 50 index declined 215 points or 1.25% at 16,958.65

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. After a major sell off in second half a bounce back is expected today. On technical grounds, Nifty has an immediate resistance at 17100. If nifty closes above that, further upside can be expected towards 17220-17300 mark. On the flip side 16850-16770 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 17100 and on a decisive close above expect a rise to 17220-17300 levels.

Bank Nifty

Bank Nifty has broken the support of it’s averages in yesterday’s trading session. Bank Nifty will take the resistance of it’s 50 DMA. Bank Nifty faces an immediate resistance around 36780 levels on the upside and on a decisive close above expect a rise to 37100-37380. There is an immediate support at 36100-35840 levels.

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