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Market Review:

Indian market indices staged a rebound on Tuesday. The Nifty 50 index closed above the 23,700 mark, driven by gains in energy and metal stocks. The S&P BSE Sensex gained 234.12 points or 0.30% to 78,199.11. The Nifty 50 index added 91.85 points or 0.39% to 23,707.90.

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 23640. If nifty closes below that, further downside can be expected towards 23570-23500 mark. On the flip side 23770-23840 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 23640 and on a decisive close below expect a fall to 23570-23500 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 50200 levels on the downside and on a decisive close below expect a fall to 50000-49740 There is an immediate resistance at 50740-51000 level.

Technical Call Updates

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