Technical View - Mr. Subash Gangadharan, Technical and Derivative Analyst, HDFC Securities

Markets ended with healthy gains on Tuesday after the heavy sell off seen on Monday. Buying emerged from the lows of the day and helped to push the Nifty higher.

The Nifty finally gained 137.9 points or 1.03% to close at 13,466.3.

Broad market indices like the BSE Mid Cap index gained more, thereby out performing the Sensex/Nifty. Market breadth was positive on the BSE/NSE.

All the sectoral indices ended in the green. The top gainers were the BSE IT, Telecom, Metal and Power indices.

Major Asian markets have closed on a negative note. European indices like the FTSE, CAC and DAX have ended higher.

Technically, while the Nifty has rebounded sharply, the short term trend remains down. Immediate supports to watch for resumption of weakness are at 13192-13131. Any further pullback rallies could find resistances at 13550-13598.

Source : Equity Bulls

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