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Market Review:

Indian markets reversed early losses and ended with strong gains on Monday. The government's decision to cut excise duty on fuel prices, improved PMI numbers and good festive season sales numbers supported buying. The S&P BSE Sensex, surged 477.99 points or 0.80% at 60,545.61. The Nifty 50 index rose 151.75 points or 0.85% at 18,068.55.

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 18150. If nifty closes above that, further upside can be expected towards 18240-18330 mark. On the flip side 18000-17920 will act as strong support levels. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 18150 and on a decisive close above expect a rise to 18240-18330 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 40000 levels on the upside and on a decisive close above expect a rise to 40340-40600. There is an immediate support at 39340-39000 levels.

Technical Call Updates

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