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Market Review:

Indian markets ended modest gains on Tuesday. Stocks in the metals, oil and gas, and IT sectors were in demand, while those in the pharma, FMCG, and realty sectors were under pressure. The S&P BSE Sensex rose by 242.27 points or 0.40% to reach 61,354.71. The Nifty 50 index gained 82.65 points or 0.46% to 18,147.65.

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 18080. Any move below the same may extend the fall toward 18000-17930 mark. On the flip side 18220-18300 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 18080 and on a decisive close below expect a fall to 18000-17930 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 43140 levels on the downside and on a decisive close below expect a fall to 42800-42500. There is an immediate resistance at 43640-44000 levels.

Technical Call Updates

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