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Market Review:

Indian market ended with modest cuts on Tuesday. Banks and financial stocks declined while media, pharma and healthcare were in demand. The barometer index, the S&P BSE Sensex, declined 166.33 points or 0.29% at 58,117.09. The Nifty 50 index fell 43.35 points or 0.25% at 17,324.90.

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 17370. If nifty closes above that, further upside can be expected towards 17450-17500 mark. On the flip side 17240-17200 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 17370 and on a decisive close above expect a rise to 17450-17500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 37170 levels on the upside and on a decisive close above expect a rise to 37300-37550. There is an immediate support at 36730-36400 levels.

Technical Call Updates

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