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Market Review:

Indian market indices, Nifty and Sensex, tumbled on Tuesday, breaking a seven-day rally as selling in banking and energy stocks pushed the markets into the red. The S&P BSE Sensex dropped 728.69 points or 0.93% to 77,288.50. The Nifty 50 index fell 181.80 points or 0.77% to 23,486.85.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 23440. If Nifty closes below that, further downside can be expected towards 23370-23300 mark. On the flip side 23540-23600 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 23440 and on a decisive close below expect a fall to 23370-23300 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51000 levels on the downside and on a decisive close below expect a fall to 50740-50500 There is an immediate resistance at 51540-51770 levels.

Technical Call Updates

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