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Market Review:

Indian markets ended with robust gains on Tuesday, tracking positive global cues. Shares surged on value buying after a recent steep correction. Buying was wide spread. Media, oil & gas, PSU banks stocks rallied. The barometer index, the S&P BSE Sensex, up 934.23 points or 1.81% to 52,532.07. The Nifty 50 index gained 288.65 points or 1.88% to 15,638.80.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness volatile move during the day. Nifty has shown a huge rally in yesterday’s session and a small profit booking is expected in todays session. On technical grounds, Nifty has an immediate support at 15550. Any move below the same may extend the fall toward 15470-15400 mark. On the flip side 15750-15870 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 15550 and on a decisive close below expect a fall to 15470-15400 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 32840 levels on the downside and on a decisive close below expect a fall to 32500-32240. There is an immediate resistance at 33640-34000 levels.

Technical Call Updates

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