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Market Review:

Indian markets settled with modest gains on Tuesday, snapping a three day losing streak. PSU banks, metals and IT shares were in demand. On the other hand, realty, financial services stocks and oil & gas stocks declined. The The S&P BSE Sensex, gained 274.12 points or 0.45% to 61,418.96. The Nifty 50 index added 84.25 points or 0.46% to 18,244.20.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 18350. If nifty closes above that, further upside can be expected towards 18420-18500 mark. On the flip side 18200-18130 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 18350 and on a decisive close above expect a rise to 18420-18500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 42740 levels on the upside and on a decisive close above expect a rise to 43000-43250. There is an immediate support at 42150-41900 levels.

Technical Call Updates

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