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Market Review:

Indian markets declined for the third consecutive session on Tuesday with Nifty slipping below 25,800. Media, IT and auto shares climbed. The S&P BSE Sensex fell 33.49 points or 0.04% to 84,266.29. The Nifty 50 index shed 13.95 points or 0.05% to 25,769.90.

Nifty Technical Outlook

Nifty is expected to open gap down note and likely to witness volatile move during the day. On technical grounds, Nifty has an immediate support at 25540. If nifty closes below that, further downside can be expected towards 25470-25400 mark. On the flip side 25870-26000 will act as strong resistance levels. It’s a stock specific market trade calls with strict stop loss.

Action:

Nifty has an immediate support placed at 25540 and on a decisive close below expect a fall to 25470-25400 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 53000 levels on the downside and on a decisive close below expect a fall to 52770-52500. There is an immediate resistance at 53600-53840 levels.

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