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Market Review:

Indian markets settled higher after a volatile session on Tuesday. Negative global cues, high crude oil prices and a weak rupee capped gains. Barring the Nifty IT index, all other sectoral indices on the NSE ended in the green. PSU banks rallied while consumer durables stocks extended gains in anticipation of festive season sales. The S&P BSE Sensex rose 148.53 points or 0.25% at 60,284.22. The Nifty 50 index rose 46 points or 0.26% to 17,991.95.

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 18050. If nifty closes above that, further upside can be expected towards 18130-18200 mark. On the flip side 17900-17820 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 18050 and on a decisive close above expect a rise to 18130-18200 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 38800 levels on the upside and on a decisive close above expect a rise to 39150-39500. There is an immediate support at 38300-38000 levels.

Technical Call Updates

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