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Market Review:

Indian markets tumbled on Monday amid turmoil in the global banking sector. Barring FMCG and Media, all the sectoral indices on the NSE declined. Metals, IT and PSU banks slumped. The barometer index, the S&P BSE Sensex fell 360.95 points or 0.62% to 57,628.95. The Nifty 50 index declined 111.65 points or 0.65% to 16,988.40.

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 17100 If nifty closes above that, further upside can be expected towards 17170-17250 mark. On the flip side 16850-16730 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 17100 and on a decisive close above expect a rise to 17170-17250 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39800 levels on the upside and on a decisive close above expect a rise to 40120-40400 There is an immediate support at 39100-38840 levels.

Technical Call Updates

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