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Market Review:

Indian markets rose for the second session in a row on Monday, supported by strength in banks, metal and auto shares. Positive global markets, encouraging Q2 numbers and persistent buying by foreign institutional investors boosted investors sentiment. The barometer index, the S&P BSE Sensex, gained 234.79 or 0.39% points to 61,185.15. The Nifty 50 index rose 85.65 points or 0.47% to 18,202.80.

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 18340. If nifty closes above that, further upside can be expected towards 18420-18500 mark. On the flip side 18150-18080 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 18340 and on a decisive close above expect a rise to 18420-18500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 42140 levels on the upside and on a decisive close above expect a rise to 42500-42740. There is an immediate support at 41500-41230 levels.

Technical Call Updates

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