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Market Review:

Indian markets ended with decent gains on Monday. The Nifty ended above the 16,550 level. Metals, FMCG and financial stocks climbed while auto shares were under pressure. The barometer index, the S&P BSE Sensex, advanced 145.29 points or 0.26% at 55,582.58. The Nifty 50 index rallied 33.95 points or 0.21% at 16,563.05.

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 16500. Any move below the same may extend the fall towards 16430-16350 mark. On the flip side 16620-16700 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 16500 and on a decisive close below expect a fall to 16430-16350 levels.

Bank Nifty

Bank Nifty faces an immediate support around 36000 level on the downside and on a decisive close below expect a fall to 35820-35500. There is an Immediate resistance at 36300-36500 levels.

Technical Call Updates

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