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Market Review:

Indian markets ended with strong gains on Monday. Media, banking and financial services shares rallied while auto and realty stocks declined. The barometer index, the S&P BSE Sensex, surged 529.03 points or 0.8% to settle at 66,589.93. The Nifty 50 index gained 146.95 points or 0.75% to 19,711.45.

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 19800. If nifty closes above that, further upside can be expected towards 19880-20000 mark. On the flip side 19600-19500 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 19800 and on a decisive close above expect a rise to 19880-20000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 45800 levels on the upside and on a decisive close above expect a rise to 46150-46500. There is an immediate support at 45200-44900 levels.

Technical Call Updates :

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