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Market Review:

Indian ended with modest losses on Tuesday, snapping their seven-day rising streak. PSU banks, auto and IT shares were in demand. However, FMCG, private banks and financial shares corrected. The barometer index, the S&P BSE Sensex, declined 287.70 points or 0.48% to 59,543.96. The Nifty 50 index lost 74.40 points or 0.42% to 17,656.35.

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 17800. If nifty closes above that, further upside can be expected towards 17880-18000 mark. On the flip side 17700-17620 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 17800 and on a decisive close above expect a rise to 17880-18000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 41280 levels on the upside and on a decisive close above expect a rise to 41500-41740. There is an immediate support at 41000-40750 levels.

Technical Call Updates

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