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Market Review:

Indian markets ended with modest losses on Monday, pressurised by weak global cues. Barring the Nifty IT index, all the sectoral indices on the NSE ended in the red. Consumer durables, FMCG and media shares were under pressure. The barometer index, the S&P BSE Sensex, declined 200.18 points or 0.34% to 57,991.11. The Nifty 50 index lost 73.65 points or 0.43% to 17,241.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 17120. Any move below the same may extend the fall toward 17000-16920 mark. On the flip side 17320-17410 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 17120 and on a decisive close below expect a fall to 17000-16920 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 38840 levels on the downside and on a decisive close below expect a fall to 38500-38200. There is an immediate resistance at 39570-40000 levels.

Technical Call Updates

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