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Market Review:

Indian benchmark ended in the red on Tuesday, snapping early gains as profit booking and the weekly expiry of derivatives contracts on the NSE pulled indices lower. Banks and financials were the biggest drags, while FMCG and metal counters lent some support to the market. The S&P BSE Sensex declined 206.61 points or 0.26% to 80,157.88. The Nifty 50 index dropped 45.45 points or 0.18% to 24,579.60.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness negative move during the day. On technical grounds, Nifty has an immediate support at 24500. If Nifty closes below that, further downside can be expected towards 24440-24370 mark. On the flip side 24640-24700 will act as strong resistance levels.

Action: Nifty has an immediate Support at 24500 and on a decisive close below expect a fall to 24440-24370 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 53800 levels on the downside and on a decisive close below expect a fall to 53570-53340. There is an immediate resistance at 54270-54500 levels.

Technical Call Updates

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