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Market Review:

Indian markets ended a volatile session with small losses on Tuesday. PSU banks, FMCG and oil & gas shares advanced. On the other hand, IT, media and metal shares werre under pressure. The barometer index, the S&P BSE Sensex, fell 208.24 points or 0.33% to 62,626.36. The Nifty 50 index lost 58.30 points or 0.31% to 18,642.75.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 18580. Any move below the same may extend the fall toward 18500-18430 mark. On the flip side 18720-18800 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 18580 and on a decisive close below expect a fall to 18500-18430 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 43230 levels on the downside and on a decisive close below expect a fall to 43000-42750 There is an immediate resistance at 43670-44000 levels.

Technical Call Updates

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