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Market Review:

Indian markets ended with strong gains on Tuesday, snapping a twoday losing streak. All the sectoral indices on the NSE closed in the green. Realty, utos and FMCG shares were in demand. The Nifty crossed the 17,200 mark. The barometer index, S&P BSE Sensex surged 776.72 points or 1.37% at 57,356.61. The Nifty 50 index jumped 246.85 points or 1.46% at 17,200.80.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness sideways move during the day. Nifty was trading between the averages from past five trading sessions. On technical grounds, Nifty has an immediate support at 17040. Any move below the same may extend the fall toward 16930-16870 mark. On the flip side 17270-17330 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 17040 and on a decisive close below expect a fall to 16930-16870 levels.

Bank Nifty

Bank Nifty faces an immediate support around 36300 levels on the downside and on a decisive close below expect a fall to 36000-35740. There is an immediate resistance at 36700-37000 levels.

Technical Call Updates

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