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Market Review:

Indian market closed with decent gains on Tuesday. The trading was volatile amid mixed global cues. The Nifty closed above the 16,300 mark after hitting day's low of 16,187.05. Realty and banks stocks advanced while pharma, oil & gas and media shares declined. Sensex, was up 246.47 points or 0.45% to 54,767.62. The Nifty 50 index added 62.05 points or 0.38% to 16,340.55

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. Nifty is well placed above its 50 DMA and have taken a strong support at those levels. Nifty is likely to test its swing resistance of 16470. On technical grounds, Nifty has an immediate resistance at 16400. If nifty closes above that, further upside can be expected towards 16540-16600 mark. On the flip side 16230-16100 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 16400 and on a decisive close above expect arise to 16540/16600 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35960 levels on the upside and on a decisive close above expect a rise to 36180-36500. There is an immediate support at 35360-35100 levels.

Technical Call Updates

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