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Market Review:

Indian markets ended with deep cuts on Tuesday. Selling was triggered due to negative global cues, firm crude oil prices and FIIs turning net sellers in the domestic equities. Auto, metals and realty shares tumbled. The barometer index, the S&P BSE Sensex, slumped 554.05 points or 0.90% to 60,754.86. The Nifty 50 index lost 195.05 points or 1.07% to 18,113.05.

Nifty Technical Outlook

Nifty is expected to open on a flattish notes and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 18000. Any move below the same may extend the fall toward 17930-17850 mark. On the flip side 18200-18280 will act as strong resistance levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 18000 and on a decisive close below expect a fall to 17930-17850 levels.

Bank Nifty

Bank Nifty faces an immediate support around 38000 levels on the downside and on a decisive close below expect a fall to 37720-37400. There is an immediate resistance at 38640-39000 levels.

Technical Call Updates

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