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Market Review:

Indian markets advanced for the second consecutive session on Monday. The gains were broad-based, with buying seen across sectors, except for banking. IT stocks rebounded on bargain hunting. The barometer index, the S&P BSE Sensex advanced 234 points or 0.38% to 61,963.68. The Nifty 50 index added 111 points or 0.61% to 18,314.40.

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 18380. If nifty closes above that, further upside can be expected towards 18440-18500 mark. On the flip side 18250-18180 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 18380 and on a decisive close above expect a rise to 18440-18500 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 44180 levels on the upside and on a decisive close above expect a rise to 44500-44750. There is an immediate support at 43740-43550 levels.

Technical Call Updates

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