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Market Review:

Indian markets ended a volatile session with moderate losses on Monday. PSU banks and IT edged higher, while metals and autos tumbled. The barometer index, the S&P BSE Sensex declined 168.21 points or 0.28% to 60,092.97. The Nifty 50 index shed 61.75 points or 0.34% to 17,894.85.

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 18000. If nifty closes above that, further upside can be expected towards 18120-18200 mark. On the flip side 17800-17730 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 18120-18200 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 42670 levels on the upside and on a decisive close above expect a rise to 43000-43270 There is an immediate support at 42000-41780 levels.

Technical Call Updates

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