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Market Review:

Indian markets tumbled on Tuesday with the Nifty closing below the 18,000 mark. Selling in banks and oil & gas stocks put pressure on the indices. On the other hand, strength in IT and auto shares supported the barometer index, the S&P BSE Sensex, dropped 396.34 points or 0.65% to 60,322.37. The Nifty 50 index lost 110.25 points or 0.61% to 17,999.20.

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 17900. Any move below the same may extend the fall towards 17800-17720 mark. On the flip side 18070-18150 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 17900 and on a decisive close below expect a fall to 17800-17720 levels.

Bank Nifty

Bank Nifty faces an immediate support around 38150 levels on the downside and on a decisive close below expect a fall to 37880-37500. There is an immediate resistance at 38750-39000 levels.

Technical Call Updates

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