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Market Review:

Indian markets rallied on Tuesday, tracking positive Asian cues. Pharma and healthcare stocks were biggest gainers followed by auto and banks. Consumer durable stocks also climbed ahead of the festive season following a bountiful monsoon. The barometer index, the S&P BSE Sensex, rose 578.51 points or 0.98% to 59,719.74. The Nifty 50 index added 194 points or 1.10% to 17,816.25.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 17740. Any move below the same may extend the fall toward 17650-17550 mark. On the flip side 17930-18000 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 17650-17550 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 41260 levels on the downside and on a decisive close below expect a fall to 41000-40700. There is an immediate resistance at 41730-42000 levels.

Technical Call Updates

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