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Market Review:

Indian markets rallied on Monday, supported by positive signals from the Asian and European marketsas well as a continued decrease in wholesale inflation figures in India. The S&P BSE Sensex advanced 317.81 points or 0.51% to 62,345.71. The Nifty 50 index added 84.05 points or 0.46% to 18,398.85.

Nifty Technical Outlook

Nifty is expected to open with gap up 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 18540-18600 mark. On the flip side 18320-18240 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 18540-18600 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 44170 levels on the upside and on a decisive close above expect a rise to 44340/44600. There is an immediate support at 43730/43450 levels.

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