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Market Review:

Indian markets tumbled on Monday, dragged by Reliance Industries and IT pivotals. Pharma stocks bucked the weak market trend. The barometer index, the S&P BSE Sensex, tumbled 530.95 points or 1.09% to 48,347.59. The Nifty 50 index lost 133 points or 0.93% to 14,238.90.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 14140. Any move below the same may extend the fall towards 14050-14000 mark. On the flip side 14300-14370 will act as strong resistance zones. It’s a stock specific market and trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 14140 and on a decisive close below expect a fall to 14050-14000 levels.

Bank Nifty

Bank Nifty faces an immediate support around 31000 level on the downside and on a decisive close below expect a fall to 30840-30650. There is an Immediate resistance at 31300-31600 levels.

Technical call updates

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