Market Review:

Indian markets ended with steep losses on Monday, extending fall for the second straight session. All the sectoral indices on NSE ended in red. Metal shares corrected sharply. The barometer index, the S&P BSE Sensex, dropped 470.40 points or 0.96% to 48,564.27. The Nifty 50 index lost 152.40 points or 1.06% at 14281.30.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 14330. If nifty closes above that, further upside can be expected towards 14400-14480 mark. On the flip side 14200-14120 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 14330 and on a decisive close above expect a rise to 14400-14480 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 32000 levels on the upside and on a decisive close above expect a rise to 32300-32640. There is an immediate support at 31550-31240 levels.

Technical call updates

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