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Market Review:

Indian markets ended with significant cuts on Monday, led by weakness in banks and financial shares. A spike in domestic coronavirus cases and fresh curbs imposed by the Maharashtra government dented investors' sentiment. The S&P BSE Sensex, slumped 870.51 points or 1.74% to 49,159.32. The Nifty 50 index tumbled 229.55 points or 1.54% to 14,637.80.

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 support at 14500. Any move below the same may extend the fall towards 14370-14300 mark. On the flip side 14800-14940 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 14500 and on a decisive close below expect a fall to 14370-14300 levels.

Bank Nifty

Bank Nifty faces an immediate support around 32400 level on the downside and on a decisive close below expect a fall to 32000-31650. There is an Immediate resistance at 33270-33750 levels.

Technical Call Updates

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