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Market Review:

Indian markets ended with strong gains on Tuesday, tracking positive global trend. All the sectoral indices on the NSE ended in green. Autos, consumer durables and oil & gas stocks were in demand. The barometer index, the S&P BSE Sensex, rose 477.24 points or 0.83% to 57,897.48. The Nifty 50 index gained 147 points or 0.86% to 17,233.25.

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 17300. If nifty closes above that, further upside can be expected towards 17380-17450 mark. On the flip side 17170-17100 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 17300 and on a decisive close above expect a rise to 17380-17450 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35500 levels on the upside and on a decisive close above expect a rise to 35870-36150. There is an immediate support at 35000-34820 levels.

Technical Call Updates

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