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Market Review:

Indian markets ended with strong gains on Monday, tracking firm global market cues. IT, realty and PSU banks were in demand. The barometer index, the S&P BSE Sensex, was rose 321.99 points or 0.54% to 60,115.13. The Nifty 50 index gained 103 points or 0.58% to 17,936.35.

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 18000. If nifty closes above that, further upside can be expected towards 18080-18150 mark. On the flip side 17850-17750 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 18000 and on a decisive close above expect a rise to 18080-18150 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 41000 levels on the upside and on a decisive close above expect a rise to 41270-41550. There is an immediate support at 40350-40000 levels.

Technical Call Updates

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