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Market Review:

Indian markets benchmarks continued their downward spiral on Tuesday, marking their second consecutive day of significant losses. The Nifty closed below the 24,350 mark, dragged down by heavyweights like Reliance Industries, TCS, and HDFC Bank. PSU banks, metals, and energy stocks witnessed significant declines. The S&P BSE Sensex tumbled 1,064.12 points or 1.30% to 80,684.45. The Nifty 50 index dropped 332.25 points or 1.35% to 24,336.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24270. If nifty closes below that, further downside can be expected towards 24200-24140 mark. On the flip side 24400-24500 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 24270 and on a decisive close below expect a fall to 24200-24140 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 52740 levels on the downside and on a decisive close below expect a fall to 52500-52270 There is an immediate resistance at 53340-53500 level.

Technical Call Updates

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