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Market Review:

Indian markets witnessed strong buying demand on Monday. Autos, banks and financials contributed significantly to today's up-move. The barometer index, the S&P BSE Sensex, surged 709.96 points or 1.16% to 61,764.25. The Nifty 50 index added 195.40 points or 1.08% to 18,264.40.

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 18330. If nifty closes above that, further upside can be expected towards 18400-18500 mark. On the flip side 18200-18100 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 18330 and on a decisive close above expect a rise to 18400-18500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 43650 levels on the upside and on a decisive close above expect a rise to 44000-44250. There is an immediate support at 43000-42770 levels.

Technical Call Updates

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