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Market Review:

Indian market ended with strong gains on Tuesday, aided by positive global cues. Interest rate sensitive realty, automobile and banking stocks advanced on hopes that easing inflation may limit the pace of rate hikes by the RBI. The barometer index, the S&P BSE Sensex, advanced 379.43 points or 0.64% to 59,842.21. The Nifty 50 index added 127.10 points or 0.72% to 17,825.25.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. Nifty is well placed above all its moving averages. On technical grounds, Nifty has an immediate resistance at 17900. If nifty closes above that, further upside can be expected towards 18000-18100 mark. On the flip side 17770-17700 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 17900 and on a decisive close above expect arise to 18000-18100 levels.

Bank Nifty

Bank Nifty has shown a strong rally in last few trading sessions. Bank Nifty faces an immediate resistance around 39640 levels on the upside and on a decisive close above expect a rise to 40000-40270. There is an immediate support at 39000-38750 levels.

Technical Call Updates

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