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Market Review:

Indian markets crashed on Monday, tracking dismal global cues. Selling was wide spread with IT, metals and banks falling the most. The barometer index, the S&P BSE Sensex, slumped 1,456.74 points or 2.68% to 52,846.70. The Nifty 50 index tumbled 427.40 points or 2.64% to 15,774.40.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. Nifty has witnessed selling pressure from higher levels. If Nifty breaks 15670 which is an important support level on closing basis then selling will intensify. On technical grounds, Nifty has an immediate support at 15670. Any move below the same may extend the fall toward 15580-15500 mark. On the flip side 15880- 16000 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 15670 and on a decisive close below expect a fall to 15580-15500 levels.

Bank Nifty

Bank Nifty has shown major sell offs and is likely to test its swing support at 33000 levels. Bank Nifty’s next immediate support is around 33150 levels on the downside and on a decisive close below expect a fall to 32870-32500. There is an immediate resistance at 33800-34170 levels.

Technical Call Updates

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