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Market Review:

Indian markets settled with decent gains on Monday. Value buying emerged after indices corrected sharply in the past two session. Barring IT and PSU banks, all the sectoral indices settled higher. FMCG, metals and auto shares were in demand. BSE Sensex advanced 468.38 points or 0.76% to 61,806.19. The Nifty 50 index added 151.45 points or 0.83% to 18,420.45.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 18470. If nifty closes above that, further upside can be expected towards 18570/18640 mark. On the flip side 18370/18240 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 18470 and on a decisive close above expect a rise to 18570/18640 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 43650 levels on the upside and on a decisive close above expect a rise to 43800/44000. There is an immediate support at 43400/43200 levels.

Technical Call Updates

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