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Market Review: 

Indian markets staged a strong rebound on Tuesday, ending a sevenday losing streak.The Nifty 50 index closed above the 23,500 level, driven by buying interest in auto,realty, and media stocks.The S&P Sensex rose 239.37 points or 0.31% to 77,578.38.The Nifty 50 index added 64.07 points or 0.28% to 23,518.50.

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 23440. If nifty closes below that, further downside can be expected towards 23370-23300 mark. On the flip side 23600-23670 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 50340 levels on the downside and on a decisive close below expect a fall to 50000-49740 There is an immediate resistance at 50840-51000 level.

Technical Call Updates

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