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Market Review:

Indian markets ended with modest gains on Monday. Consumer durables, financials and metal stocks outperformed while oil & gas and IT shares witnessed some bit of selling. The barometer index the S&P BSE Sensex, jumped 344.69 points or 0.55% to 62,846.38. The Nifty 50 index added 99.30 points or 0.54% to 18,598.65.

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 18670. If nifty closes above that, further upside can be expected towards 18750-18840 mark. On the flip side 18540-18480 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 18670 and on a decisive close above expect a rise to 18750-18840 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 44550 levels on the upside and on a decisive close above expect a rise to 44770-45000. There is an immediate support at 44000-43740 levels.

Technical Call Updates

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