Nifty has an immediate resistance placed at 17420 and on a decisive close above expect a rise to 17500-17600 levels - Nirmal Bang
Market Review:
Indian markets ended with strong gains on Monday, tracking positive global cues. All the sectoral indices on the NSE ended in the green. IT, PSU banks, and realty shares were in demand. The S&P BSE Sensex, surged 813.94 points or 1.42% at 58,014.11. The Nifty 50 index soared 237.9 points or 1.39% at 17,339.25.
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 17420. If nifty closes above that, further upside can be expected towards 17500-17600 mark. On the flip side 17250-17180 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.
Action: Nifty has an immediate resistance placed at 17420 and on a decisive close above expect a rise to 17500-17600 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 38500 levels on the upside and on a decisive close above expect a rise to 38880-39240. There is an immediate support at 37840-37500 levels.
Technical Call Updates
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