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Market Review:

Indian markets ended with losses on Monday. Metals, auto and FMCG shares were under pressure. However, pharma and healthcare shares bucked the selloff. The barometer index, the S&P BSE Sensex, dropped 638.11 points or 1.11% to 56,788.81. The Nifty 50 index slumped 207 points or 1.21% to 16,887.35.

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 17130. If nifty closes above that, further upside can be expected towards 17200-17300 mark. On the flip side 16800-16710 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 17130 and on a decisive close above expect arise to 17200-17300 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 38550 levels on the upside and on a decisive close above expect a rise to 39000-39320 There is an immediate support at 37890-37630 levels.

Technical Call Updates

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