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Market Review:

Indian markets ended with tiny losses on Tuesday. The Nifty hit record high of 15,778.80 in early trade, encouraging traders to book profits. IT, FMCG and pharma stocks saw buying while banks and financial shares witnessed selling. The barometer index, the S&P BSE Sensex, slipped 52.94 points or 0.10% at 52,275.57. The Nifty 50 index lost 11.55 points or 0.07% to 15,740.10.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 15830. If nifty closes above that, further upside can be expected towards 15900-16000 mark. On the flip side 15650-15550 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 15830 and on a decisive close above expect a rise to 15900-16000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35600 levels on the upside and on a decisive close above expect a rise to 36000-36300. There is an immediate support at 35000-34770 levels.

Technical Call Updates

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