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Market Review:

Indian markets ended with tiny gains on Tuesday. Oil & gas, auto and metal stocks advanced while consumer durables, private banks and financial services stocks corrected. The barometer index, the S&P BSE Sensex, rose 16.17 points or 0.03% to 53,177.45. The Nifty 50 index gained 18.15 points or 0.11% to 15,850.20.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. Nifty has taken the resistance of it’s upside gap. Till the time Nifty does not close above 16000 levels fresh buying is unlikely. On technical grounds, Nifty has an immediate support at 15740. Any move below the same may extend the fall toward 15630-15550 mark. On the flip side 15930-16000 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 15740 and on a decisive close below expect a fall to 15630-15550 levels.

Bank Nifty

Bank Nifty too is facing the resistance of it’s upward gap. Fresh buying will be seen once Bank Nifty closes above 34400 levels. Bank Nifty’s next immediate support is around 33400 levels on the downside and on a decisive close below expect a fall to 33150-32840. There is an immediate resistance at 34000-34340 levels.

Technical Call Updates

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