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Market Review:

Indian markets reversed intraday gains and ended with modest losses on Tuesday. Sentiment was dented as the Dow Jones index futures tumbled 437 points indicating a negative start in US stock market today. Banks and metal shares declined. On the other hand, IT and consumer durables stocks advanced. The barometer index, the S&P BSE Sensex, fell 195.71 points or 0.34% at 57,064.87. The Nifty 50 index fell 70.75 points or 0.41% at 16,983.20.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 17100. If nifty closes above that, further upside can be expected towards 17230-17300 mark. On the flip side 16850-16720 will act as strong support levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 17100 and on a decisive close above expect a rise to 17230-17300 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36140 levels on the upside and on a decisive close above expect a rise to 36500-36850. There is an immediate support at 35370-35000 levels.

Technical Call Updates

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