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Market Review:

Indian markets corrected on Tuesday, snapping a rally in the past seven sessions. IT stocks held firm while realty, FMCG and metal shares tumbled. The Sensex fell 49.54 points, or 0.08% at 61,716.05. It hit a record high of 62,245.43 in afternoon trade. After hitting an all-time high of 18,604.45 in initial trades, the Nifty 50 index reversed trend and fell 58.30 points, or 0.32% to end at 18,418.75.

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 18420. If nifty closes above that, further upside can be expected towards 18500-18600 mark. On the flip side 18250-18170 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 18550 and on a decisive close above expect a rise to 18640-18720 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 40000 levels on the upside and on a decisive close above expect a rise to 40270-40500. There is an immediate support at 39350-39000 levels.

Technical Call Updates

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