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Market Review:

Indian markets ended with tiny gains on Monday, extending winning streak for sixth straight session. Auto, power, oil & gas and real estate stocks rallied. Buying was supported by positive quarterly business updates from auto & real estate firms. The barometer index, the S&P BSE Sensex, was up 13.54 points or 0.02% to 59,846.51. The Nifty 50 index added 24.90 points or 0.14% to 17,624.05.

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 17700. If nifty closes above that, further upside can be expected towards 17770-17840 mark. On the flip side 17570-17500 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 17700 and on a decisive close above expect a rise to 17770-17840 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 41200 levels on the upside and on a decisive close above expect a rise to 41500-41800. There is an immediate support at 40800-40500 levels.

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