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Market Review:

Indian markets settled with firm gains on Tuesday, rallying for the second consecutive session. Investors resorted to value buying after last week's steep correction. The barometer index, the S&P BSE Sensex, advanced 361.01 points or 0.60% to 60,927.43. The Nifty 50 index added 117.70 points or 0.65% to 18,132.30.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness rangebound move during the day. On technical grounds, Nifty has an immediate support at 18080. Any move below the same may extend the fall toward 18000-17920 mark. On the flip side 18200-18270 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 18080 and on a decisive close below expect a fall to 18000-17920 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 42510 levels on the downside and on a decisive close below expect a fall to 42160-41900 There is an immediate resistance at 43060-43270 levels.

Technical Call Updates

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