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Market Review:

Indian market benchmarks staged a rebound on Tuesday. The benchmark Nifty index closed above the 22,950 mark, driven by gains in realty and financial services stocks, benefiting from the improved liquidity conditions. The S&P BSE Sensex surged 535.24 points or 0.71% to 75,901.41. The Nifty 50 index advanced 128.10 points or 0.56% to 22,957.25.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 23040. If nifty closes above that, further upside can be expected towards 23100-23170 mark. On the flip side 22870-22800 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 23040 and on a decisive close above expect a rise to 23100-23170 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 49000 levels on the upside and on a decisive close above expect a rise to 49270-49500 There is an immediate support at 48540-48200 levels.

Technical Call Updates

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