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Market Review:

Indian markets ended with small gains on Monday, supported by firmness in banks stocks. The moderation in daily new COVID-19 cases in India improved risk sentiments. The barometer index, the S&P BSE Sensex, rose 111.42 points or 0.22% at 50,651.90. The Nifty 50 index gained 22.40 points or 0.15% at 15,197.70.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 15300. If nifty closes above that, further upside can be expected towards 15400-15500 mark. On the flip side 15100-15000 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 15300 and on a decisive close above expect a rise to 15400-15500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35400 levels on the upside and on a decisive close above expect a rise to 35770-36100. There is an immediate support at 34600-34170 levels.

Technical Call Updates

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