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Market Review:

Indian markets ended a volatile trading session with small gains on Monday. IT and consumer durable sector stocks bucked broader weakness. Global cues were mixed amid concerns of a new COVID virus variant. The barometer index, the S&P BSE Sensex, advanced 153.43 points or 0.27% to 57,260.58. The Nifty 50 index added 27.50 points or 0.16% to 17,053.95.

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 17180. If nifty closes above that, further upside can be expected towards 17300-17400 mark. On the flip side 16940-16850 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 17180 and on a decisive close above expect a rise to 17300-17400 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 36450 levels on the upside and on a decisive close above expect a rise to 36840-37150. There is an immediate support at 35770-35500 levels.

Technical Call Updates

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