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Market Review:

Indian benchmark benchmarks ended with sharp losses on Tuesday, unsettled by concerns over potential U.S. trade actions. Sectorally, consumer durables and metal stocks were among the worst hit. In contrast, FMCG counters bucked the downtrend. The S&P BSE Sensex dropped 849.37 points or 1.04% to 80,786.54. The Nifty 50 index tumbled 255.70 points or 1.02% to 24,712.05.

Nifty Technical Outlook

Nifty is expected to open on a gap down note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24640. If Nifty closes below that, further downside can be expected towards 24570-24500 mark. On the flip side 24800-24900 will act as strong resistance levels.

Action: Nifty has an immediate Support at 24640 and on a decisive close below expect a fall to 24570-24500 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 54270 levels on the downside and on a decisive close below expect a fall to 54000-53740. There is an immediate resistance at 54740-55000 levels.

Technical Call Updates

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