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Market Review:

Indian markets ended with minor cuts after a volatile session on Monday. Losses in private banks offset gains in IT and FMCG shares. Mixed global cues and rising COVID-19 cases in India spoiled sentiment. The barometer index, the S&P BSE Sensex, slipped 86.95 points or 0.17% to 49,771.29. The Nifty 50 index declined 7.60 points or 0.05% to 14,736.40.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 14800. If nifty closes above that, further upside can be expected towards 14880-15000 mark. On the flip side 14640-14550 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 14800 and on a decisive close above expect a rise to 14880-15000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 34000 levels on the upside and on a decisive close above expect a rise to 34540-35000. There is an immediate support at 33350-33000 levels.

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