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Market Review:

Indian markets ended with moderate losses on Monday. Private banks and realty stocks tumbled while PSU banks, IT and healthcare stocks bucked the weak market trend. The barometer index, the S&P BSE Sensex slipped 216.28 points or 0.34% to 63,168.30. The Nifty 50 index declined 70.55 points or 0.37% to 18,755.45.

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 18680. Any move below the same may extend the fall toward 18600-18500 mark. On the flip side 18850-18940 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 18680 and on a decisive close below expect a fall to 18600-18500 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 43550 levels on the downside and on a decisive close below expect a fall to 43280-43000. There is an immediate resistance at 44000-44240 levels.

Technical Call Updates

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