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Market Review:

Indian markets ended with modest fall on Monday. Barring the Nifty IT index, all the sectoral indices ended in the red. Media, PSU banks and oil & gas stocks were under pressure. The barometer index S&P BSE Sensex dropped 364.91 points or 0.67% at 54,470.67. The Nifty 50 index lost 109.40 points or 0.67% at 16,301.85.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness selling pressure during the day. There’s a gap support on the downside in Nifty. On technical grounds, Nifty has an immediate support at 16200. Any move below the same may extend the fall toward 16100- 16000 mark. On the flip side 16420-16500 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 16200 and on a decisive close below expect a fall to 16100-16000 levels.

Bank Nifty

Bank Nifty is trading near the lower gap support. Bank Nifty’s next immediate support is around 34000 levels on the downside and on a decisive close below expect a fall to 33680-33400. There is an immediate resistance at 34620-34900 levels.

Technical Call Updates

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