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Market Review:

Indian markets ended with steep losses on Tuesday. Investors were also cautious ahead of RBI's policy outcome on Wednesday and the US inflation data expected on Friday. The S&P BSE Sensex tanked 567.98 points or 1.02% to 55,107.34. The Nifty 50 index dropped 153.20 points or 0.92% at 16,416.35.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness volatile move during the day. Till the time Nifty does not cross it’s 50 DMA on closing basis, fresh buying will not be seen. On technical grounds, Nifty has an immediate resistance at 16500. If nifty closes above that, further upside can be expected towards 16570-16640 mark. On the flip side 16350-16270 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 16500 and on a decisive close above expect a rise to 16570-16640 levels.

Bank Nifty

Bank Nifty is likely to test its 50-DMA in todays session. Bank Nifty faces an immediate resistance around 35380 levels on the upside and on a decisive close above expect a rise to 35650-36000. There is an immediate support at 34850-34500 levels.

Technical Call Updates

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