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Market Review:

Indian markets staged a sharp recovery on Tuesday. PSU bank and metal stocks also made significant gains, while healthcare and pharma stocks underperformed. The S&P BSE Sensex jumped 566.97 points or 0.87% to 66,079.36. The Nifty 50 index added 177.50 points or 0.91% to 19,689.85. 

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 19750. If nifty closes above that, further upside can be expected towards 19840-19900 mark. On the flip side 19640-19570 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 19750 and on a decisive close above expect a rise to 19840-19900 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 44740 levels on the upside and on a decisive close above expect a rise to 44950-45280. There is an immediate support at 44200-43870 levels.

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