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Market Review

Indian markets ended with major cuts on Monday amid weak global cues. IT, media and private banks shares tumbled. On the other hand, FMCG and oil & gas stocks were in demand. The barometer index, the S&P BSE Sensex, was down 861.25 points or 1.46% to 57,972.62. The Nifty 50 index lost 246 points or 1.40% to 17,312.90.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. A bounce back is expected in today’s session. On technical grounds, Nifty has an immediate resistance at 17400. If nifty closes above that, further upside can be expected towards 17500-17600 mark. On the flip side 17200-17100 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 17400 and on a decisive close above expect arise to 17500-17600 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 38650 levels on the upside and on a decisive close above expect a rise to 39000-39300. There is an immediate support at 38200-37900 levels.

Technical Call Updates

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