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Market Review:

Indian markets ended with modest gains on Monday. PSU bank, media and FMCG stocks were in demand. On the flip side, realty, metal and consumer durables shares were under pressure. The barometer index, the S&P BSE Sensex, rose 300.44 points or 0.51% to 59,141.23. The Nifty 50 index added 91.40 points or 0.52% to 17,622.25.

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 17700. If nifty closes above that, further upside can be expected towards 17800-17900 mark. On the flip side 17500-17420 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 17700 and on a decisive close above expect a rise to 17800-17900 levels.

Bank Nifty???

Bank Nifty faces an immediate resistance around 41250 levels on the upside and on a decisive close above expect a rise to 41600-42000. There is an immediate support at 40600-40300 levels.

Technical Call Updates

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