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Market Review:

Indian markets ended with modest losses on Monday. IT and realty shares were in demand. On the other hand, media and FMCG shares declined. The S&P BSE Sensex, fell 170.89 points or 0.28% to 61,624.15. The Nifty 50 index lost 20.55 points or 0.11% to 18,329.15.

Technical Outlook

Nifty is expected open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 18440. If nifty closes above that, further upside can be expected towards 18500/18570 mark. On the flip side 18270 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 18440 and on a decisive close above expect a rise to 18500-18570 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 42340 levels on the upside and on a decisive close above expect a rise to 42500/42640. There is an immediate support at 42100/41900 levels.

Technical Call Updates

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