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Market Review:

Indian markets jumped on Tuesday, tracking positive global cues. Banks and financial services stocks were in demand. The S&P BSE Sensex rose 445.73 points or 0.77% to 58,074.68. The Nifty 50 index added 119.10 points or 0.70% to 17,107.50. Reliance Industries, ICICI Bank, Bajaj Finance, HDFC Bank and Titan Company were major Nifty 50 index movers, rising between 1.17% to 3.11.%.

Nifty Technical Outlook

Nifty is expected to open positive and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 17140 If nifty closes above that, further upside can be expected towards 17230-17300 mark. On the flip side 17040-16960 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 17140 and on a decisive close above expect a rise to 17240-17300 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 40280 levels on the upside and on a decisive close above expect a rise to 40580-40870 There is an immediate support at 39640-39250 levels.

Technical Call Updates

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