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Market Review:

Indian markets ended with modest losses on Tuesday, snapping a twoday rising streak. Banks and financial stocks took a breather after a stellar rally in the previous session. Meanwhile, FMCG and consumer durables stocks were in demand. The S&P BSE Sensex slipped 435.24 points or 0.72% at 60,176.19. The Nifty 50 index shed 96 points or 0.53% at 17,957.15.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. After a good rally some profit booking is expected. On technical grounds, Nifty has an immediate support at 17850. Any move below the same may extend the fall toward 17740- 17670 mark. On the flip side 18080-18160 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17850 and on a decisive close below expect a fall to 17740-17670 levels.

Bank Nifty

Bank Nifty has witnessed profit booking in yesterday’s trading session. Bank Nifty’s next immediate support is around 37840 levels on the downside and on a decisive close below expect a fall to 37500-37180. There is an immediate resistance at 38610-39000 levels.

Technical Call Updates

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