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Market Review:

Indian markets ended with steep losses on Tuesday, snapping their three-day rising streak. PSU banks rallied while IT shares corrected. Global shares were under pressure amid a stronger dollar and rising U.S. Treasury yields. The barometer index, the S&P BSE Sensex, declined 410.28 points or 0.68% to close at 59,667.60. The Nifty 50 index fell 106.50 points or 0.60% to close at 17748.60.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 17630. Any move below the same may extend the fall towards 17500-17380 mark. On the flip side 17880-18000 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17630 and on a decisive close below expect a fall to 17500-17380 levels.

Bank Nifty

Bank Nifty faces an immediate support around 37730 level on the downside and on a decisive close below expect a fall to 37500-37150. There is an Immediate resistance at 38300-38650 levels.

Technical Call Updates

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