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Market Review:

Indian markets ended with strong gains on Tuesday on bargain hunting after a recent steep fall. All sectoral indices on the NSE ended in the green. Metal, media and IT stocks were in demand. The barometer index, the S&P BSE Sensex, rose 497 points or 0.89% at 56,319.01. The Nifty 50 index gained 156.65 points or 0.94% at 16,770.85.

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 16900. If nifty closes above that, further upside can be expected towards 17000-17080 mark. On the flip side 16670-16550 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 16900 and on a decisive close above expect a rise to 17000-17080 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35000 levels on the upside and on a decisive close above expect a rise to 35370-35640. There is an immediate support at 34350-34000 levels.

Technical Call Updates

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