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Market Review:

Indian market tanked on Monday, mirroring weak global cues. All the sectoral indices on the NSE ended in the red. Banks, metals and realty shares witnessed major selling pressure. The S&P BSE Sensex, slumped 1,189.73 points or 2.09% to 55,822.01. The Nifty 50 index tumbled 371 points or 2.18% to 16,614.20.

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 16740. If nifty closes above that, further upside can be expected towards 16870-17000 mark. On the flip side 16500-16420 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 16740 and on a decisive close above expect a rise to 16870-17000 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 35000 levels on the upside and on a decisive close above expect a rise to 35440-35800. There is an immediate support at 34150-33840 levels.

Technical Call Updates

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