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Market Review:

Indian market ended near the day's high with robust gains on Monday, tracking positive global cues. The Nifty ended above the 16,250 level. IT shares rallied snapping a five-day losing streak. Meanwhile, autos and healthcare stocks corrected. The benchmark S&P BSE Sensex, gained 760.37 points or 1.41% to 54,521.15. The Nifty 50 index added 229.30 points or 1.43% to 16,278.50.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. After a huge rally from past few trading sessions, a slight profit booking is expected in todays’s session. On technical grounds, Nifty has an immediate support at 16200. Any move below the same may extend the fall toward 16120-16000 mark. On the flip side 16350-16440 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 16200 and on a decisive close below expect a fall to 16120-16000 levels

Bank Nifty

Bank Nifty has formed a swing resistance of 35700 levels. Till the time Bank Nifty does not close above that further buying will not be seen. Bank Nifty’s next immediate support is around 35100 levels on the downside and on a decisive close below expect a fall to 34840-34550. There is an immediate resistance at 35740-36000 levels.

Technical Call Updates

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