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Market Review:

Indian markets ended with robust gains on Monday as investors cheered Union Budget proposals. The S&P BSE Sensex, jumped 2,314.84 points or 5% to 48,600.61. The Nifty 50 index surged 646.60 points or 4.74% to 14,281.20.

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 14400. If nifty closes above that, further upside can be expected towards 14570-14650 mark. On the flip side 14100-14000 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 14400 and on a decisive close above expect a rise to 14570-14650 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 33600 levels on the upside and on a decisive close above expect a rise to 34000-34480. There is an immediate support at 33000-32740 levels.

Technical call updates

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