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Market Review:

Indian markets ended with sharp losses on Monday. Repeal of farms laws by the government, falling of Reliance-Aramco deal and the weak listing of Paytm also dented investors sentiment. The barometer index, the S&P BSE Sensex, skid 1,170.12 points or 1.96% at 58,465.89. The Nifty 50 index lost 348.25 points or 1.96% at 17,416.55.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 17300. Any move below the same may extend the fall towards 17180-17100 mark. On the flip side 17550-17680 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 17300 and on a decisive close below expect a fall to 17180-17100 levels.

Bank Nifty

Bank Nifty faces an immediate support around 36870 levels on the downside and on a decisive close below expect a fall to 36500-36130. There is an immediate resistance at 37500-37880 levels.

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