IGI Logo

Market Review:

Indian markets ended near the day's low 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 open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 17250( i.e 50DMA). If nifty closes above that, further upside can be expected towards 17370-17440 mark. On the flip side 17000-16940 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 17250 and on a decisive close above expect a rise to 17370-17440 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36240 levels on the upside and on a decisive close above expect a rise to 36670-36800. There is an immediate support at 35870-35490 levels.

Technical Call Updates

To Read Complete Report & Disclaimer Click Here
 

Please refer disclaimer at https://investmentguruindia.com/Disclaimer/nirmal.html

SEBI Registration number is INH000001766

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer