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Market Review:

Indian markets ended the volatile session with modest gains on Tuesday. Barring the Nifty IT index, all the sectoral indices ended in the green. Banks, autos and metal shares were in demand. The barometer index, the S&P BSE Sensex, rose 257.43 points or 0.44% to 59,031.30. The Nifty 50 index added 86.80 points or 0.50% to 17,577.50

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 17500. Any move below the same may extend the fall toward 17400-17330 mark. On the flip side 17680-17800 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 17400-17330 levels.

Bank Nifty

Bank Nifty has seen a major sell off in last few trading sessions. Bank Nifty’s next immediate support is around 38500 levels on the downside and on a decisive close below expect a fall to 38240-38000. There is an immediate resistance at 39000-39270 levels.

Technical Call Updates

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