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Market Review:

Indian markets plunged on Monday with the Nifty falling below the 14,700 mark. Rising COVID-19 cases and negative global cues spoiled sentiment. Barring the Nifty Metal index, all the sectoral indices on the NSE ended in the red. The barometer index, the S&P BSE Sensex, slumped 1,145.44 points or 2.25% to 49,744.32. The Nifty 50 index lost 306.05 points or 2.04% to 14,675.70.

Nifty Technical Outlook

Nifty is expected to open gap up likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 14750. If nifty closes above that, further upside can be expected towards 14870-15000 mark. On the flip side 14540-14450 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 14750 and on a decisive close above expect a rise to 14870-15000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35500 levels on the upside and on a decisive close above expect a rise to 35900-36400. There is an immediate support at 35000-34700 levels.

Technical Call Updates

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