Benchmark indices posted tiny losses on Tuesday after surging in previous two sessions. Banks and metal stocks witnessed correction after recent rally. IT stocks bounced after steep losses in the past two sessions. The Nifty jumped in early trade, but profit booking dragged the index lower in morning trade. It hit the day’s low of 11,539.20 in early afternoon trade. The 50-unit index struggled to regain momentum and traded below 11,600 for most part of the session. The Nifty firmed up in late trade and ended below 11,600 mark at 11588.20.
Global Markets: German insurer Allianz, Nippon Life and MS&AD Insurance are vying with rivals to buy the Singapore and Vietnam businesses of Britain’s Aviva in a deal likely to be worth up to $2.5 billion. European shares rose on Tuesday, following their worst day in over a month, after Washington said the United States and China would resume trade talks.The pan-European STOXX 600 index rose 0.3%.
Nifty Chart:
Nifty50 index closed at 11588.20 Nifty closed above 200/50/20 MA on daily and weekly chart. Nifty formed Doji candle on daily chart. immediate resistance at 11700 and support at 11400. Sell Nifty for target 11500 and 11400 with strict stop loss above 11700.
Nifty Trading Range: Resistance – 11700 and Support – 11400
