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Market Review:

Indian markets tumbled on Tuesday, tracking weak cues from other Asian stock markets. Barring the Nifty FMCG index, all the sectoral indices on the NSE ended in the red. Asian stocks fell across the board amid mounting concerns about the rapidly surging delta variant of the COVID-19 in several countries. The barometer index, the S&P BSE Sensex, dropped 354.89 points or 0.68% at 52,198.51. The Nifty 50 index slipped 120.30 points or 0.76% at 15,632.10.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 15750. If nifty closes above that, further upside can be expected towards 15880-16000 mark. On the flip side 15550-15470 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 15750 and on a decisive close above expect a rise to 15880-16000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 34850 levels on the upside and on a decisive close above expect a rise to 35200-35600. There is an immediate support at 34250-34000 levels.

Technical Call Updates

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