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Market Review:

Indian markets ended with decent gains after a volatile session on Tuesday. Banks stocks were in demand after the apex court refused to extend the moratorium on bad loans for borrowers hit by the pandemic brought on by COVID-19. The barometer index, the S&P BSE Sensex, was up 280.15 points or 0.56% to 50,051.44. The Nifty 50 index advanced 78.35 points or 0.53% to 14,814.75.

Nifty Technical Outlook

Nifty is expected to open gap down likely to witness negative move during the day. On technical grounds, Nifty has an immediate support at 14720. Any move below the same may extend the fall towards 14630-14500 mark. On the flip side 14900-15000 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 14720 and on a decisive close below expect a fall to 14630-14500 levels.

Bank Nifty

Bank Nifty faces an immediate support around 34000 level on the downside and on a decisive close below expect a fall to 33700-33300. There is an Immediate resistance at 34570-34900 levels.

Technical Call Updates

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