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Market Review:

Indian markets ended with decent gains on Monday. The Nifty closed above the 16,250 mark. Private banks advanced while PSU banks tumbled. Metal and realty shares were under pressure. The barometer index, the S&P BSE Sensex, advanced 125.13 points or 0.23% to 54,402.85. The Nifty 50 index added 20.05 points or 0.12% to 16,258.25.

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 16330. If nifty closes above that, further upside can be expected towards 16400-16500 mark. On the flip side 16170-16100 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 16330 and on a decisive close above expect a rise to 16400-16500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36340 levels on the upside and on a decisive close above expect a rise to 36550-36800. There is an immediate support at 35850-35500 levels.

Technical Call Updates

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