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Market Review:

Indian markets suffered a sharp decline on Tuesday, extending the previous day's losses. The broader market slumped due to weak global cues and poor sectoral performance. PSU banks and metal shares witnessing major selling. The barometer index, the S&P BSE Sensex declined 930.55 points or 1.15% to 80,220.72. The Nifty 50 index declined 309 points or 1.25% to 24,472.10.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 24400. If nifty closes below that, further downside can be expected towards 24330-24250 mark. On the flip side 24550-24640 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 24400 and on a decisive close below expect a fall to 24330-24250 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51100 levels on the downside and on a decisive close below expect a fall to 50700-50500 There is an immediate resistance at 51650-52000 level.

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