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Market Review:

Indian markets ended with decent gains on Tuesday. The rally was driven by a number of factors, including buoyant FII inflows, encouraging Q4 results. The barometer index, the S&P BSE Sensex advanced 122.75 points or 0.20% to 62,969.13. The Nifty 50 index added 35.20 points or 0.19% to 18,633.85

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 18570. Any move below the same may extend the fall toward 18500-18430 mark. On the flip side 18700-18780 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 18570 and on a decisive close below expect a fall to 18500-18430 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 44240 levels on the downside and on a decisive close below expect a fall to 44000-43770. There is an immediate resistance at 44700-45000 levels

Technical Call Updates

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