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Market Review:

Indian markets extended losses to fifth day on Tuesday. FMCG, pharma and IT shares advanced while banks and financial services stocks declined. The barometer index, the S&P BSE Sensex, declined 37.70 points or 0.07% to 57,107.52. The Nifty 50 index lost 8.90 points or 0.05% to 17,007.40.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 16920. Any move below the same may extend the fall toward 16820-16750 mark. On the flip side 17100-17180 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 16920 and on a decisive close below expect a fall to 16820-16750 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 38130 levels on the downside and on a decisive close below expect a fall to 37800-37450. There is an immediate resistance at 38700-39000 levels.

Technical Call Updates

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