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Market Review:

Indian markets fell sharply on Monday amid uncertainty around the new coronavirus variant and due to pressure from foreign institutional investors selling. All the sectoral indices on the NSE ended in the red. IT and auto shares tumbled. The barometer index, the S&P BSE Sensex, tumbled 949.32 points or 1.65% to 56,747.14. The Nifty 50 index lost 284.45 points or 1.65% to 16,912.25.

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 17000. If nifty closes above that, further upside can be expected towards 17080-17150 mark. On the flip side 16850-16770 will act as strong support levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 17000 and on a decisive close above expect a rise to 17080-17150 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36180 levels on the upside and on a decisive close above expect a rise to 36500-36840. There is an immediate support at 35550-35200 levels.

Technical Call Updates

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