Outlook Of Nifty/bank nifty today

Nifty Outlook:

The Nifty moved in a volatile range throughout the trading session on Tuesday but bulls managed to push the index higher towards a fresh closing high. The index made a small bull candle on the daily candlestick charts. A ‘Small Bullish’ candle is formed when the index trades in a defined range throughout the sessions. The length of the candle signifies the range for the day. In general, the longer the candle, the more intense is the buying or selling activity. The Nifty which opened at 9,590.65 rose to an intraday high of 9,635.30 which made a small upper shadow. It slipped to an intraday low of 9,581.20 which resulted in small lower shadow. The index closed at a fresh record closing high of 9,624.55, up 19.65 points.

Bank Nifty Outlook:

Snapdeal-owned mobile wallet firm FreeCharge is in talks with Bank of Baroda (BOB) and Times Internet besides larger rival Paytm for an all-cash acquisition, according to people privy to the development told Moneycontrol. The deal size is expected to be in the range of USD 60-75 million. FreeCharge was acquired by e-commerce Snapdeal for USD 400 million. A valuation of USD 60-75 million will be a major setback for the beleaguered e-commerce firm. The development comes at a time when Snapdeal is itself in talks for a stake sale with rival Flipkart. The deal, if successful will allow Bank of Baroda to expand its mobile wallet service, it launched last year and also to get access to millions of young customers FreeCharge has on its platform.

Nifty Trends

R1 9640
R2 9700
S1 9570
S2 9500

Technical Outlook:

Top Gainers

NTPC 161.00
TECHM 388.55

Top Losers

BPCL 740.00
ITC 311.50