Bank and financial stocks remained particularly weak on the expected lines. Volatility Index, INDIAVIX, spiked 7.62% to 40.9150. Given the steep decline, the market now stares at an imminent pullback. A positive opening can be expected on Tuesday, but as usual, these technical pullbacks should not be chased to make purchases.
In Tuesday's session, the 8,895 and 8,945 levels are likely to act as immediate resistance, while supports will come in at 8,805 and 8,710 levels.
All in all, the market may see some technical rebound as the deeply hammered stocks and sectors might see a relief rally. However, at one point, the broad technical setup is likely to dominate, but upsides will continue to remain capped. To make fresh purchases, you would be taking more risk if you focus on stocks that are not part of the index or belong to the group that is either relatively outperforming or has a strong relative strength against the market. A cautious view is advised for the day.
Nifty Bank (17573) The nifty bank achieved its target and yet closed lower…technically there exists a support at 17338- 17000 zones in the vicinity…stiff resistance exists at 18351…