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Market Review:

Indian markets ended at all-time high level on Tuesday amid broad based buying. The Nifty index hit record high of 16,146.90 and managed to close above the 16,100 mark for the first time. The barometer index, the S&P BSE Sensex, surged 872.73 points or 1.65% at 53,823.36. The Nifty 50 index jumped 245.6 points or 1.55% to 16,130.75.

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 16220. If nifty closes above that, further upside can be expected towards 16300-16400 mark. On the flip side 16070-16000 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 16220 and on a decisive close above expect a rise to 16300-16400 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35500 levels on the upside and on a decisive close above expect a rise to 35740-36000. There is an immediate support at 35000-34740 levels.

Technical Call Updates

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