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Market Review:

Indian markets declined for the eight session in a row on Tuesday, tracking mixed global cues. IT, pharma and oil & gas shares were under pressure. The barometer index, the S&P BSE Sensex declined 326.23 points or 0.55% to 58,962.12. The Nifty 50 index lost 88.75 points or 0.51% to 17,303.95.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 17230. Any move below the same may extend the fall toward 17150-17070 mark. On the flip side 17400-17500 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 17230 and on a decisive close below expect a fall to 17150-17070 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 40200 levels on the downside and on a decisive close below expect a fall to 40000-39770. There is an immediate resistance at 40700-41000 levels.

Technical Call Updates

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