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Market Review:

Indian markets ended with strong gains on Monday, mirroring positive global cues. Banks and financial services shares were in demand. However, media, realty and metal shares declined. The barometer index, the S&P BSE Sensex, jumped 491.01 points or 0.85% to 58,410.98. The Nifty 50 index gained 126.10 points or 0.73% to 17,311.80.

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 17380. If nifty closes above that, further upside can be expected towards 17470-17550 mark. On the flip side 17200-17120 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 17380 and on a decisive close above expect a rise to 17470-17550 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 40270 levels on the upside and on a decisive close above expect a rise to 40570-40800. There is an immediate support at 39650-39330 levels.

Technical Call Updates

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