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Market Review:

Indian markets ended almost flat after a volatile session on Monday. IT, pharma and FMCG stocks witnessed profit selling. Realty stocks extended recent rally while auto stocks climbed on hopes of better sales performance in September. Oil explorers were in demand on firm crude oil prices. The barometer index, the S&P BSE Sensex, rose 29.41 points or 0.05% to 60077.88. The Nifty 50 index rose 1.90 points or 0.01% to 17855.10.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 17930. If nifty closes above that, further upside can be expected towards 18000-18080 mark. On the flip side 17780-17700 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 17930 and on a decisive close above expect a rise to 18000-18080 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 38400 levels on the upside and on a decisive close above expect a rise to 38650-39000. There is an immediate support at 38000-37770 levels.

Technical Call Updates

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