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Market Review:

Indian market benchmarks ended a choppy session in the red on Tuesday, with the Nifty slipping below the 24,500 mark as weakness in banking and financial counters weighed on sentiment. In contrast, pharmaceutical and healthcare shares managed to eke out gains, providing some cushion to the broader market. The S&P BSE Sensex dropped 368.49 points or 0.46% to 80,235.59. The Nifty 50 index declined 97.65 points or 0.40% to 24,487.40.

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 24570. If Nifty closes above that, further upside can be expected towards 24640-24700 mark. On the flip side 24400-24340 will act as strong support levels.

Action: Nifty has an immediate Resistance at 24570 and on a decisive close above expect a rise to 24640-24700 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 55540 levels on the upside and on a decisive close above expect a rise to 55770-56000. There is an immediate support at 55040-54800 levels.

Technical Call Updates

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