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Market Review:

Indian market benchmarks soared on Tuesday, buoyed by the U.S. decision to postpone its planned tariffs on Canada and Mexico. Energy and banking stocks led the rally, while FMCG shares witnessed selling pressure. The S&P BSE Sensex soared 1,397.07 points or 1.81% to 78,583.81. The Nifty 50 index rallied 378.20 points or 1.62% to 23,739.25.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 23800. If nifty closes above that, further upside can be expected towards 23870-23940 mark. On the flip side 23670-23540 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 23800 and on a decisive close above expect a rise to 23870-23940 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 50540 levels on the upside and on a decisive close above expect a rise to 50770-51000 There is an immediate support at 50000-49740 levels.

Technical Call Updates

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