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Market Review:

Indian markets ended with modest gains on Monday. Banks and financial stocks were in demand, while pharma, healthcare and auto shares were under pressure. The S&P BSE Sensex extended its winning streak for the third consecutive session, jumping 401.04 points or 0.67% to 60,056.10. The Nifty 50 index added 119.35 points or 0.68% to 17,743.40.

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 17840. If nifty closes above that, further upside can be expected towards 17930-18000 mark. On the flip side 17670-17600 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 17840 and on a decisive close above expect a rise to 17930-18000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 42900 levels on the upside and on a decisive close above expect a rise to 43180-43500. There is an immediate support at 42400-42120 levels.

Technical Call Updates

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