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Market Review:

Indian market bounced back sharply, snapping a three-day losing streak, buoyed by upbeat global cues. Market anxiety eased as hopes grew that the ongoing US-China trade tensions may not significantly impact other major economies. The Nifty reclaimed ground, closing comfortably above the 22,500 mark. The BSE Sensex soared 1,089.18 points or 1.49% to 74,227.08. The Nifty 50 index climbed 374.25 points or 1.69%, to 22,535.85

Nifty Technical Outlook

Nifty is expected to open with gap down and likely to witness volatile seesion ahead of Monetary Policy. On technical grounds, Nifty has an immediate Support at 22,440. If Nifty closes below that, further downside can be expected towards 22,370/22,300 mark. On the flip side 22,670/22,800 will act as strong Resistance levels.

Action: Nifty has an immediate support placed at 22,440 and on a decisive close below expect a fall to 22,370/22,300 levels

Bank Nifty

Bank Nifty’s next immediate support is around 50,370 levels on the downside and on a decisive close below expect a fall to 50,000/49,700 There is an immediate Resistance at 50,900/51,200 levels.

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