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Market Review:

Indian Market benchmarks ended higher for the second straight session on Tuesday, buoyed by sustained buying in IT, auto and metal stocks. The Nifty 50 closed above the 25,650 mark, tracking advances in heavyweight stocks from the technology and automobile sectors. The S&P BSE Sensex added 335.97 points or 0.40% to 83,871.32. The Nifty 50 index rose 120.60 points or 0.47% to 25,694.95.

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 25890, a breakout above which could accelerate upward momentum further towards 26000-26150 mark. On the flip side 25520-25350 as crucial support zones. Overall, with momentum tilting upward with volatility, traders are advised to buy on dip while keeping a close watch on resistance for profit booking.

Action: Nifty has an immediate Resistance at 25890 and on a decisive close above expect a rise to 26000-26150 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 58750 levels on the upside and on a decisive close above expect a rise to 59000-59290. There is an immediate support at 58000-57670 levels.

Technical Call Updates

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