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Market Review:

Indian markets ended with decent gains after a volatile session on Monday. The Nifty closed just shy of the 16,500 mark. IT stocks climbed while auto and metal shares tumbled. The barometer index, the S&P BSE Sensex, advanced 226.47 points or 0.41% to 55,555.79. The Nifty 50 index gained 45.95 points or 0.28% to 16,496.45.

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 16600. If nifty closes above that, further upside can be expected towards 16700-16780 mark. On the flip side 16380-16300 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 16600 and on a decisive close above expect a rise to 16700-16780 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35450 levels on the upside and on a decisive close above expect a rise to 35700-36000. There is an immediate support at 34870-34500 levels.

Technical Call Updates

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