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Market Review:

Indian markets declined for the second trading session on Monday amid weak global cues. The barometer index, S&P BSE Sensex slumped 617.26 points or 1.08% at 56,579.89. The Nifty 50 index shed 218 points or 1.27% at 16,954.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. Nifty has taken the support of lows in yesterday’s trading session. After a big sell off from last two days a small bounceback is expected. On technical grounds, Nifty has an immediate resistance at 17210. If nifty closes above that, further upside can be expected towards 17300-17400 mark. On the flip side 17000-16920 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 17210 and on a decisive close above expect a rise to 17300-17400 levels.

Bank Nifty

Bank Nifty has shown a positive rally in yesterday’s session. Bank Nifty is likely to test it’s 50 DMA in today’s trading session.Bank Nifty faces an immediate resistance around 36470 levels on the upside and on a decisive close above expect a rise to 36780-37100. There is an immediate support at 35850-35500 levels.

Technical Call Updates

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