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Market Review:

Indian markets rallied on Monday, supported by firm global cues. The sentiment improved after US Federal Reserve chair Jerome Powell signaled that the US central bank would remain patient in winding down its stimulus. The barometer index, the S&P BSE Sensex, surged 765.04 points or 1.36% at 56,889.76. The Nifty 50 index added 225.85 points or 1.35% at 16,931.05.

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 16840. Any move below the same may extend the fall towards 16750-16670 mark. On the flip side 17000-17080 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 16840 and on a decisive close below expect a fall to 16750-16670 levels.

Bank Nifty

Bank Nifty faces an immediate support around 36200 level on the downside and on a decisive close below expect a fall to 36000-35740. There is an Immediate resistance at 36700-37000 levels

Technical Call Updates

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