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Market Review:

Indian markets ended with decent gains on Monday. Oil & gas, autos and FMCG stocks were in demand. Meanwhile, metals, financial services and IT stocks were under pressure. The barometer index, the S&P BSE Sensex, advanced 211.16 points or 0.34% to 62,504.80. The Nifty 50 index added 50 points or 0.27% to 18,562.75.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 18600. Any move below the same may extend the fall toward 18500-18430 mark. On the flip side 18770-18840 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 18600 and on a decisive close below expect a fall to 18500-18430 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 43000 levels on the downside and on a decisive close below expect a fall to 42770-42500 There is an immediate resistance at 43550-43740 levels.

Technical Call Updates

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