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Market Review:

Indian markets shares plunged on Tuesday, erasing gains from the previous session. Selling pressure gripped all sectors, with IT and pharma leading the decline.The S&P BSE Sensex tumbled 736.37 points or 1.01% to 72,012.05. The Nifty 50 index declined 238.25 points or 1.08% to 21,817.45.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 21870. If nifty closes above that, further upside can be expected towards 21930-22040 mark. On the flip side 21740-21670 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 21870 and on a decisive close above expect a rise to 21930-22040 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 46530 levels on the upside and on a decisive close above expect a rise to 46700-46940 There is an immediate support at 46280-46100 levels.

Technical Call Updates

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