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Market Review:

Indian markets ended with decent gain on Monday, rising for the third straight session. Barring the IT index, all the sectoral indices on the NSE ended in the green. Banks, autos and realty shares were in demand. After hitting a record high of 60,476.13, the S&P BSE Sensex pared gains to end higher by 0.13% at 60,135.78. The Nifty 50 index added 50.75 points or 0.28% at 17,945.95.

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 17840. Any move below the same may extend the fall towards 17750-17670 mark. On the flip side 18050-18130 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 17840 and on a decisive close below expect a fall to 17750-17670 levels.

Bank Nifty

Bank Nifty faces an immediate support around 38000 levels on the downside and on a decisive close below expect a fall to 37680-37350. There is an immediate resistance at 38670-39000 levels.

Technical Call Updates

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