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Market Review:

Indian markets tumbled on Monday, extending losses for the third straight session. All the sectoral indices on the NSE ended in the red. Financials and autos witnessed major selling. The barometer index, the S&P BSE Sensex slumped 897.28 points or 1.52% to 58,237.85. The Nifty 50 index lost 258.60 points or 1.49% to 17,154.30.

Nifty Technical Outlook

Nifty is expected to open on flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 17230. If nifty closes above that, further upside can be expected towards 17300-17380 mark. On the flip side 17080-17000 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 17230 and on a decisive close above expect a rise to 17300-17380 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 40000 levels on the upside and on a decisive close above expect a rise to 40280-40500. There is an immediate support at 39500-39230 levels.

Technical Call Updates

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