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Market Review:

Indian markets ended with decent gains after a volatile session on Monday. FMCG, banks and financial stocks were in demand while metals, IT and oil & gas stocks corrected. The barometer index, the S&P BSE Sensex, advanced 326.84 points or 0.62% to 53,234.77. The Nifty 50 index gained 83.30 points or 0.53% to 15,835.35.

Nifty Technical Outlook

Nifty is expected to open on flattish note and likely to witness sideways move during the day. Nifty is likely to test its previous swing resistance of 15930. Till the time Nifty does not fill its upside gap strong buying is unlikely. On technical grounds, Nifty has an immediate resistance at 15930. If nifty closes above that, further upside can be expected towards 16000-16100 mark. On the flip side 15770-15700 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 15930 and on a decisive close above expect a rise to 16000-16100 levels.

Bank Nifty

Bank Nifty too has taken the resistance of its upside gap. Bank Nifty is likely to test it’s previous swing resistance of 34180. Bank Nifty faces an immediate resistance around 34180 levels on the upside and on a decisive close above expect a rise to 34500-34740. There is an immediate support at 33870-33670 levels.

Technical Call Updates

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