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Market Review:

Indian markets ended higher on Tuesday amid improving risk sentiments. Metals, banks, FMCG and financial shares advanced while oil & gas and realty indices declined. The barometer index, the S&P BSE Sensex, rose 455.95 points or 0.76% to 60,571.08. The Nifty 50 index gained 133.70 points or 0.75% to 18,070.05.

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 17740. Any move below the same may extend the fall toward 17620-17550 mark. On the flip side 17900-18000 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 17740 and on a decisive close below expect a fall to 17620-17550 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 40400 levels on the downside and on a decisive close below expect a fall to 40000-39740. There is an immediate resistance at 40800-41100 levels.

Technical Call Updates

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