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Market Review:

Indian markets rallied on Tuesday, tracking strong global cues. Banks, metals and IT shares surged. Meanwhile, easing US Treasury yields also helped improve sentiment. The S&P BSE Sensex, jumped 1,276.66 points or 2.25% to 58,065.47.The Nifty 50 index added 386.95 points or 2.29% to 17,274.30.

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 17370. If nifty closes above that, further upside can be expected towards 17450-17500 mark. On the flip side 17270-17200 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 17370 and on a decisive close above expect arise to 17450-17500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39320 levels on the upside and on a decisive close above expect a rise to 39540-39700 There is an immediate support at 38750-38380 levels.

Technical Call Updates

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