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Market Review:

Indian market tumbled on Monday, tracking negative global cues. Rising dollar index and higher US 10-year bond yield spooked investors. Banks, metals and realty shares dropped. The barometer index, the S&P BSE Sensex, slumped 872.28 points or 1.46% to 58,773.87. The Nifty 50 index lost 267.75 points or 1.51% to 17,490.70

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. Nifty has witnessed a major sell off in last two trading sessions. On technical grounds, Nifty has an immediate support at 17400. Any move below the same may extend the fall toward 17330-17250 mark. On the flip side 17600-17700 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 17400 and on a decisive close below expect a fall to 17330-17250 levels.

Bank Nifty

Bank Nifty has seen a major sell off in last two trading sessions. Bank Nifty’s next immediate support is around 38000 levels on the downside and on a decisive close below expect a fall to 37670-37400. There is an immediate resistance at 38670-39000 levels.

Technical Call Updates

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