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Market Review:

Indian markets ended the volatile session with small gains on Tuesday. After hitting record high levels in mid-morning trade, the benchmarks reversed trend and briefly slipped into the red in midafternoon trade. IT stocks rallied while metals and realty shares tumbled. The barometer index, the S&P BSE Sensex, added 151.81 points or 0.28% to 54,554.66, a record closing high level. The Nifty 50 index advanced 21.85 points or 0.13% to 16,280.10.

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 16350. If nifty closes above that, further upside can be expected towards 16430-16500 mark. On the flip side 16200-16120 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 16350 and on a decisive close above expect a rise to 16430-16500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36350 levels on the upside and on a decisive close above expect a rise to 36650-37000. There is an immediate support at 35900-35600 levels.

Technical Call Updates

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