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Market Review:

Indian markets snapped a four-day losing streak and ended with strong gains on Monday. The barometer index, the S&P BSE Sensex, surged 533.74 points or 0.91% to 59,299.32. The Nifty 50 index added 159.20 points or 0.91% to 17,691.25.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness profit booking during the day. On technical grounds, Nifty has an immediate support at 17600. Any move below the same may extend the fall towards 17500-17420 mark. On the flip side 17770-17840 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 17600 and on a decisive close below expect a fall to 17500-17420 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 37500 levels on the upside and on a decisive close above expect a rise to 37230-37000. There is an immediate support at 38000-38250 levels.

Technical Call Updates

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