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Market Review:

Indian markets tumbled on Tuesday, extending their fall for the third straight session amid weak global cues. Investors fretted over rising interest rates and an escalation in the Ukraine war. All the sectoral indices ended in the red with realty, metal and IT shares declining the most. The S&P BSE Sensex dropped 843.79 points or 1.46% to 57,147.32. The Nifty 50 index lost 257.45 points or 1.49% to 16,983.55.

Nifty Technical Outlook

Nifty is expected on flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 17070. If nifty closes above that, further upside can be expected towards 17200-17270 mark. On the flip side 16930-16800 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 17070 and on a decisive close above expect arise to 17200-17270 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39140 levels on the upside and on a decisive close above expect a rise to 39470-39600 There is an immediate support at 38600-38400levels.

Technical Call Updates

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