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Market Review:

Indian markets ended with robust gains on Monday. All the sectoral indices on the NSE ended higher. Shares of consumer durables and realty companies rallied. The barometer index, the S&P BSE Sensex, soared 1041.08 points or 1.90% to 55,925.74. The Nifty 50 index added 308.95 points or 1.89% to 16,661.40.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. Nifty has filled it’s upward gap and will be testing is 50 DMA in the coming sessions which is around 16900 levels. On technical grounds, Nifty has an immediate resistance at 16730. If nifty closes above that, further upside can be expected towards 16800-16900 mark. On the flip side 16550-16430 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 16730 and on a decisive close above expect a rise to 16800-16900 levels.

Bank Nifty

Bank Nifty has given a closing above its 50 DMA and now moving towards to test its 100 DMA which is around 36500 levels. Bank Nifty faces an immediate resistance around 36170 levels on the upside and on a decisive close above expect a rise to 36500-36800. There is an immediate support at 35550-35200 levels.

Technical Call Updates

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