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Market Review:

Indian markets declined for second trading session on Monday. A contraction in IIP data for January and spike in India's inflation also triggered selling. A sharp increase in US treasury yields and firm crude oil prices also dented investors' sentiment. The S&P BSE Sensex, tanked 397 points or 0.78% at 50,395.08. The Nifty 50 index lost 101.45 points or 0.67% at 14,929.50.

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 15000. If nifty closes above that, further upside can be expected towards 15100-15180 mark. On the flip side 14840-14750 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 15000 and on a decisive close above expect a rise to 15100-15180 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35700 levels on the upside and on a decisive close above expect a rise to 36000-36400. There is an immediate support at 35000-34650 levels.

Technical Call Updates

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