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Market Review:

Indian markets ended with small losses on Monday. Investors were cautious ahead of Reserve Bank of India (RBI)'s policy announcement later this week. Metals, oil & gas and private banks shares advanced while media, realty and consumer durables were under pressure. The barometer index, S&P BSE Sensex was down 93.91 points or 0.17% to 55,675.32. The Nifty 50 index fell 14.75 points or 0.09% to 16,569.55.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. Nifty is facing the selling pressure at 16800. On technical grounds, Nifty has an immediate support at 16470. Any move below the same may extend the fall toward 16380-16300 mark. On the flip side 16640-16730 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 16470 and on a decisive close below expect a fall to 16380-16300 levels.

Bank Nifty

Bank Nifty could not sustain its 50-DMA and has witnessed a sell off. Bank Nifty’s next immediate support is around 35150 levels on the downside and on a decisive close below expect a fall to 34840-34500. There is an immediate resistance at 35670-36000 levels.

Technical Call Updates

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