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Market Review:

Indian markets ended with sharp losses on Monday, tracking weak global cues. The Nifty slipped below 15,800 mark but managed to hold above the 15,750 level. Banks and financial shares tumbled. Pharma and realty shares bucked weak market trend. The S&P BSE Sensex, dropped 586.66 points or 1.10% at 52,553.40. The Nifty 50 index slipped 171 points or 1.07% at 15,752.40.

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 support at 15670. Any move below the same may extend the fall towards 15600-15500 mark. On the flip side 15820-15900 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 15670 and on a decisive close below expect a fall to 15600-15500 levels.

Bank Nifty

Bank Nifty faces an immediate support around 35000 level on the downside and on a decisive close below expect a fall to 34710-34500. There is an Immediate resistance at 35440-35700 levels.

Technical Call Updates

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