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Market Review:

Indian markets staged a strong recovery in late trade and ended with small losses after a volatile session on Monday. Mounting COVID-19 cases continued in the country and a negative trend in Asian equities capped gains. The barometer index, the S&P BSE Sensex, fell 63.84 points or 0.13% to 48,718.52. The Nifty 50 index rose 3.05 points or 0.02% to 14,634.15.

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 support at 14500. Any move below the same may extend the fall towards 14400-14280 mark. On the flip side 14750-14840 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 14500 and on a decisive close below expect a fall to 14400-14280 levels.

Bank Nifty

Bank Nifty faces an immediate support around 32200 level on the downside and on a decisive close below expect a fall to 31850-31500. There is an Immediate resistance at 33000-33400 levels.

Technical Call Updates

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