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Market Review:

Indian markets ended with strong gains on Monday amid positive global stocks. Robust GST collection data for July boosted sentiment. The barometer index, the S&P BSE Sensex, was up 363.79 points or 0.69% at 52,950.52. The Nifty 50 index surged 122 points or 0.77% at 15,885.15.

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 15820. Any move below the same may extend the fall towards 15750-15670 mark. On the flip side 15940-16000 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 15820 and on a decisive close below expect a fall to 15750-15670 levels.

Bank Nifty

Bank Nifty faces an immediate support around 34550 level on the downside and on a decisive close below expect a fall to 34350-34000. There is an Immediate resistance at 35000-35240 levels.

Technical Call Updates

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