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Market Review:

Indian market witnessed a sharp decline on Tuesday, with the Nifty closing below the 24,050 mark. All sectoral indices on the NSE ended in the red, with realty, consumer durables, and PSU banks experiencing the most significant declines. The S&P BSE Sensex slumped 1,235.08 points or 1.60% to 75,838.36. The Nifty 50 index dropped 320.10 points or 1.37% to 23,024.65.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 23100. If nifty closes above that, further upside can be expected towards 23170-23240 mark. On the flip side 22940-22870 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action:

Nifty has an immediate resistance placed at 23100 and on a decisive close above expect a rise to 23170-23240 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 49000 levels on the upside and on a decisive close above expect a rise to 49270-49540 There is an immediate support at 48500-48240 levels.

Technical Call Updates

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