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Market Review:

Indian markets ended with modest losses on Monday. Banks, autos and financial shares were under pressure. On the other hand, metal shares bucked the weak market trend. The barometer index, the S&P BSE Sensex, fell 571.44 points or 0.99% to 57,292.49. The Nifty 50 index lost 169.45 points or 0.98% to 17,117.60.

Nifty Technical Outlook

Nifty is expected to on a flattish note and likely to witness range bound move during the day. Nifty is currently trading sideways where 200 DMA is the support and 100 DMA is the resistance. On technical grounds, Nifty has an immediate resistance at 17200. If nifty closes above that, further upside can be expected towards 17270-17370 mark. On the flip side 17080-17000 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 17200 and on a decisive close above expect a rise to 17270-17370 levels.

Bank Nifty

Bank Nifty is continously taking the resistance of it’s 200 DMA from past trading sessions. Bank Nifty faces an immediate resistance around 35810 levels on the upside and on a decisive close above expect a rise to 36070-36350. There is an immediate support at 35280-35000 levels.

Technical Call Updates

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