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Market Review:

Indian markets closed lower on Monday. FMCG, metals, and oil and gas stocks were among the biggest losers, while pharma and healthcare stocks were in demand. The barometer index, the S&P BSE Sensex, fell 299.48 points or 0.45% to 66,384.78. The Nifty 50 index lost 72.65 points or 0.37% to 19,672.35.

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 19750. If nifty closes above that, further upside can be expected towards 19830-19900 mark. On the flip side 19600-19500 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 19750 and on a decisive close above expect a rise to 19830-19900 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 46180 levels on the upside and on a decisive close above expect a rise to 46380-46700. There is an immediate support at 45750-45500 levels.

Technical Call Updates

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