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Market Review:

Indian markets tumbled today, following increased tensions in the Middle East, leading to a negative sentiment in global markets. Conversely, the IT sector exhibited resilience during this time. the S&P BSE Sensex tumbled 483.24 points or 0.73% to 65,512.39. The Nifty 50 index lost 141.15 points or 0.72% to 19,512.35.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 19570. If nifty closes above that, further upside can be expected towards 19640-19700 mark. On the flip side 19460-19400 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 19570 and on a decisive close above expect a rise to 19640-19700 levels. 

Bank Nifty

Bank Nifty faces an immediate resistance around 44220 levels on the upside and on a decisive close above expect a rise to 44430-44580. There is an immediate support at 45630-45250 levels.

Technical Call Updates

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