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Market Review:

Indian markets declined on Monday, extending losses for the fourth trading session. The Nifty briefly fell below 200-day moving average to hit the day's moving average to hit the day's low of 16,978.30. Barring the Nifty IT index, all the sectoral indices on the NSE ended in the red. Metals, realty and auto shares slumped. The Nifty 50 index tumbled 311.05 points or 1.80% to 17,016.30. The S&P BSE Sensex, dropped 953.70 points or 1.64% to 57,145.22.

Nifty Technical Outlook

Nifty is expected to open on a Positive note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 17170. If nifty closes above that, further upside can be expected towards 17240-17300 mark. On the flip side 16930-16840 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 17170 and on a decisive close above expect arise to 17240-17300 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 39150 levels on the upside and on a decisive close above expect a rise to 39600-39920 There is an immediate support at 38370-38070 levels.

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