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Market Review:

Indian markets broke its six-day losing streak and bounced today. PSU banks, media and realty shares surged. The S&P BSE Sensex jumped 634.65 points or 1.01% to 63,782.80. The Nifty 50 index added 190 points or 1.01% to 19,047.25.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to remain cautious during the day. On technical grounds, Nifty has an immediate support at 18940. Any move below the same may extend the fall toward 18870-18800 mark. On the flip side 19100-19170 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 18940 and on a decisive close below expect a fall to 18870-18800 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 42820 levels on the downside and on a decisive close below expect a fall to 42740-42600. There is an immediate resistance at 43200-43340 levels.

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