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Market Review:

Indian markets ended with deep losses on Tuesday. Traders worry that higher interest rates could tip the economy into a recession. The S&P BSE Sensex tumbled 631.83 points or 1.04% to 60,115.48. The Nifty 50 index lost 187.05 points or 1.03% to 17,914.15

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness up move during the day. On technical grounds, Nifty has an immediate resistance at 17970. If nifty closes above that, further upside can be expected towards 18070-18240 mark. On the flip side 17800-17690 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 17970 and on a decisive close above expect a rise to 18070-18240 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 42340 levels on the upside and on a decisive close above expect a rise to 42660-43100 There is an immediate support at 41890-41560 levels.

Technical Call Updates

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