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Market Review:

Indian markets surged on Monday, snapping the three-day losing streak. The gain were supported by banks, IT, metal, realty and telecom stocks. All the sectoral indices on the NSE ended in the green. Positive global cues boosted sentiment. The barometer index, the S&P BSE Sensex, jumped 831.53 points or 1.40% to 60,138.46. The Nifty 50 index advanced 258 points or 1.46% at 17,929.65.

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 18000. If nifty closes above that, further upside can be expected towards 18100-18180 mark. On the flip side 17850-17770 will act as strong support levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 18000 and on a decisive close above expect a rise to 18100-18180 levels

Bank Nifty

Bank Nifty faces an immediate resistance around 40300 levels on the upside and on a decisive close above expect a rise to 40550-40750. There is an immediate support at 39800-39500 levels.

Technical Call Updates

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