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Market Review

Indian markets rallied on Tuesday, tracking positive global cues. Banks, autos and financial services stocks rallied. The headline equity benchmarks rallied on Tuesday, tracking positive global cues. The barometer index, the S&P BSE Sensex, jumped 1,564.45 points or 2.70% to 59,537.07. The Nifty 50 index added 446.40 points or 2.58% to 17,759.30.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure and profit booking during the day. On technical grounds, Nifty has an immediate support at 17500. Any move below the same may extend the fall toward 17400-17300 mark. On the flip side 17840- 17930 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 17500 and on a decisive close below expect a fall to 17400-17300 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 39350 levels on the downside and on a decisive close below expect a fall to 39000-38650. There is an immediate resistance at 40000-40280 levels.

Technical Call Updates

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