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Market Review:

Indian markets settled with robust gains on Monday. IT majors and HDFC Bank will kick off Q3 results season later this week. All the sectoral indices on the NSE ended in the green. PSU banks, media and auto shares were in demand. The barometer index, the S&P BSE Sensex, advanced 650.98 points or 1.09% to 60,395.63. The Nifty 50 index added 190.6 points or 1.07% to 18,003.30.

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 18100. If nifty closes above that, further upside can be expected towards 18180-18270 mark. On the flip side 17930-17850 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 18100 and on a decisive close above expect a rise to 18180-18270 levels

Bank Nifty

Bank Nifty faces an immediate resistance around 38740 levels on the upside and on a decisive close above expect a rise to 39000-39280. There is an immediate support at 38150-37800 levels.

Technical Call Updates

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