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Market Review:

Indian markets ended ended with steep losses on Tuesday amid mixed global cues. Traders were also cautious as the Q4 result season kicked off in India. The Nifty settled above the 17,500 mark after hitting the day's low of 17,442.35 in afternoon trade. Metals, IT and energy stocks tumbled. Select private banks and financial stocks bucked the broader selling pressure. The Nifty 50 index dropped 144.65 points or 0.82% to 17,530.30.

Nifty Technical Outlook

Nifty is expected to open on flattish note and likely to witness range bound session. Yesterday we had seen that Nifty manages to take a support of 20- DMA i.e. 17430 mark and shown bounce back rally and maintain a closing above 17500 levels gives some relief sign. Going ahead Nifty has an immediate support at 17500 mark. If Nifty fails to hold the support level on closing basis than selling is likely to intensify which might take the Nifty towards 17440/17400. On the flip side resistance placed at 17640-17670. As longas. Overall view is cautious to bearish as long as Nifty trades below 17700 level.

Action: Nifty has an immediate resistance placed at 17570 and on a decisive close above expect a rise to 17640-17670 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 38020 levels on the upside and on a decisive close above expect a rise to 38300-38420. There is an immediate support at 37370-37000 levels.

Technical Call Updates

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