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Market Review:

Indian markets ended with small losses on Monday. While metal stocks witnessed sharp sell-off, IT and auto shares managed to close in the green. The barometer index, the S&P BSE Sensex, declined 37.78 points or 0.07% to 54,288.61. The Nifty 50 index lost 51.45 points or 0.32% to 16,214.70.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. Fresh buying will emerge once Nifty closes above 16500 levels. Nifty is witnessing a resistance around 16400. On technical grounds, Nifty has an immediate resistance at 16270. If nifty closes above that, further upside can be expected towards 16400-16500 mark. On the flip side 16130-16070 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 16270 and on a decisive close above expect a rise to 16400-16500 levels.

Bank Nifty

Bank Nifty is taking the gap resistance around 35000 levels. Strong buying will be seen once we witness a closing above 35000 levels. Bank Nifty faces an immediate resistance around 34650 levels on the upside and on a decisive close above expect a rise to 35000-35340. There is an immediate support at 33900-33650 levels.

Technical Call Updates

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