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Market Review:

Indian markets ended with strong gains on Monday, boosted by strength in banks and financial shares. IT, metal and pharma shares witnessed selling. The Sensex closed above 52,000 mark and the Nifty closed above 15,300 mark. The barometer index, the S&P BSE Sensex, surged 609.83 points or 1.18% at 52,154.13. The Nifty 50 index rallied 151.40 points or 1% at 15,314.70.

Nifty Technical Outlook

Nifty is expected to open nagetive and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 15240. Any move below the same may extend the fall towards 15200/15140 mark. On the flip side 15340/15400 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 15240 and on a decisive close below expect a fall to 15200-14140 levels.

Bank Nifty

Bank Nifty faces an immediate support around 37000 level on the downside and on a decisive close below expect a fall to 36770-36400. There is an Immediate resistance at 37780/38000 levels.

Technical Call Updates

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